Standard&Poor's Ratings Services assigned its 'AA-/A-1+' rating to Washington State Housing Finance Commission's variable-rate demand revenue bonds (Pioneer Human Services Projects) series 2009D based on an irrevocable letter of credit (LOC) provided by U.S. Bank National Association (AA-/A-1+). At the same time, Standard&Poor's affirmed its 'AA-/A-1+' rating on the commission's variable-rate demand revenue bonds series 2009A, 2009B, and 2009C. The LOC provides coverage for payment of principal of and interest on the bonds, including payment of unremarketed tendered bonds. The initial LOC provides for a maximum of 37 days of interest coverage at 10% per annum. The stated expiration date of the LOC is Dec. 1, 2012. Upon the expiration date, the rating will be withdrawn
