Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on Washington State Housing Finance Commission's multifamily housing revenue bonds series 2000A and 2004, issued on behalf of the Burke-Gilman Place Apartments Project. The outlook is negative. The bonds are backed by a mortgage loan that is secured by a Ginnie Mae mortgage-backed security (MBS). The rating reflects our view of the following: The high credit quality of the Ginnie Mae MBS, 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; Extremely strong investment quality; and An asset-to-liability ratio of 104.21% as of March 1, 2012. The rating
