Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on Washington State Housing Finance Commission's multifamily housing revenue bonds, series 2001A and 2001B (Kingsbury Apartments), which are backed by Ginnie Mae mortgage-backed securities (MBS). The outlook remains negative, reflecting the outlook on the U.S. sovereign rating (AA+/Negative). This affirmation reflects our view of: The very strong credit quality of the Ginnie Mae MBS, which are 'AA+' eligible under our criteria; The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; Asset-liability parity of 100.51% as of May 2, 2012; and The sufficiency of assets to cover reinvestment risk based on the 15-day minimum notice period
