Standard&Poor's Ratings Services assigned its 'AA+' rating to the Washington State Housing Finance Commission's multifamily housing revenue bonds (Quilceda Creek Apartments Project), series 2012, issued on behalf of Quilceda Creek Apartments LLC, based on the delivery of a direct?pay credit enhancement agreement provided by Freddie Mac (AA+/A?1+). The credit enhancement agreement will provide credit coverage of principal and interest due on the bonds. The outlook is negative. The credit facility is sized at principal plus 189 days' interest calculated at the fixed rate on the bonds. The credit facility provides all coverage for optional and mandatory redemptions, acceleration and purchases in lieu of redemption. Interest on tenders will be automatically reinstated the day after Freddie Mac honors a
