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 (issued for the Kingsbury Apartments project), which are backed by Ginnie Mae mortgage-backed securities (MBS). The outlook is stable. The rating 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; The high quality of the issue's investments; and Asset-liability parity of 100.78% as of June 28, 2013. The majority of the issue's assets are held in Ginnie Mae MBS, which
