Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on Washington State Housing Finance Commission's multifamily housing revenue bonds series 2000, issued for the Evergreen Village Apartments Project. The bonds are secured by a Ginnie Mae mortgage-backed security. The outlook is negative. The rating reflects our view of the following: The high credit quality of the Ginnie Mae mortgage-backed security, which we consider to be 'AA+' eligible; The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; Funds invested pursuant to guaranteed investment contract from FGIC Capital Market Services (AA+); and An asset-to-liability ratio of 101.90% as of Aug. 4, 2011. Funds are invested pursuant
