Standard&Poor's Ratings Services affirmed its 'AAA' rating on the Washington State Housing Finance Commission's outstanding $7.1 million multifamily revenue bonds (Lowman Building Project), series 2004. The rating is based on Seattle's unconditional contingent loan agreement, which supports and secures the bonds, between the city and the borrower (Lowman Building Partners LLC) with respect to the debt service obligation on the mortgage loan funded with the bonds. The borrower will use rental payments received from the Lowman Building tenants to furnish debt service on the bonds. According to the mortgage loan and financing agreement, the borrower will pay regularly scheduled principal and interest debt service payments to the trustee (U.S. Bank National Association) on each Jan. 1 and July
