Standard&Poor's Ratings Services assigned its 'AA/A-1+' rating to the Washington State Housing Finance Commission's variable-rate demand nonprofit revenue and refunding bonds, issued for the Judson Park Project. The rating is based on an irrevocable direct-pay letter of credit (LOC) provided by Sovereign Bank (A/A-1) and a confirming LOC from Banco Santander (AA/A-1+). The LOCs will provide coverage for principal and up to 49 days of interest at the maximum rate of 8% on the bonds in the weekly rate mode. Substitution of the LOCs requires a mandatory tender. The confirming LOC will expire on Nov. 19, 2010, unless terminated or extended according to its terms. Following non-reinstatement of interest under either LOC, the bonds will be subject to
