Standard&Poor's Ratings Services assigned its 'A+/A-1' rating to Washington State Housing Finance Commission's (Willow Tree Grove Apartments Project) series 2011 variable-rate demand multifamily housing revenue bonds, issued on behalf of Willow Tree Grove LLC. The rating is based on an irrevocable direct-pay letter of credit (LOC) provided by Bank of America N.A. (A+/A-1). On Aug. 1, 2013, upon completion of the construction phase and conversion to the permanent financing phase of the project, Freddie Mac will execute and deliver to the trustee a credit enhancement agreement substituting the LOC provided by Bank of America N.A. The credit enhancement agreement will provide payment for regularly scheduled principal and interest on the bonds, and the purchase price of the bonds
