The 'AAA' rating on Washington State Housing Finance Commission's multifamily housing revenue bonds (Burke-Gilman Place Apartment Project) series 2000A and series 2004 bonds has been affirmed. The bonds are secured by a Ginnie Mae mortgage-backed security. The rating continues to reflect our opinion of: The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; Extremely strong collateral consisting of a Ginnie Mae mortgage-backed security; and An asset-to-liability ratio of 103.76% as of Oct. 21, 20008. Bond proceeds from the series 2004A were issued to refund a prior series 1993A bonds, the proceeds of which were used to finance the purchase and rehabilitation of a multifamily property
