Standard&Poor's Ratings Services lowered its rating on Washington State Housing Finance Commission's (Judson Park Project) variable-rate demand nonprofit revenue and refunding bonds series 2007 to 'A/A-1' from 'A+/A-1', and removed them from CreditWatch with negative implications. This action follows Standard&Poor's Feb. 13, 2012, downgrade of its rating on Sovereign Bank to 'A/A-1' from 'A+/A-1', and removal from CreditWatch with negative implications. The long-term and short-term components of the rating are based on the rating on Sovereign Bank, with the expiration date being extended to April 30, 2012. Criteria: Methodology And Assumptions: Approach To Evaluating Letter Of Credit-Supported Debt, July 6, 2009
