Standard&Poor's Ratings Services assigned its 'AA/A-1+' rating to Washington State Housing Finance Commission's variable-rate demand multifamily revenue bonds, series 2009, issued for the New Tacoma Apartments Project. The rating is based on an irrevocable direct-pay letter of credit (LOC) provided by Wells Fargo Bank N.A. (AA/A-1+). Bonds will be issued in a weekly rate mode, but can be converted to bear interest at a daily rate or fixed rate. The LOC currently has sufficient interest coverage to cover the weekly and daily rate modes. The bonds are subject to mandatory tender upon conversion to another interest rate mode. The LOC expires on Dec. 28, 2011. The LOC is sized at principal plus 50 days' interest calculated at the
