On May 4, 2011, Standard&Poor's Ratings Services raised its rating on Washington State Housing Finance Commission's (the issuer's) variable-rate demand nonprofit revenue bonds series 2005 (for the Seattle Art Museum project) due July 1, 2033, to 'AA-/A-1+' from 'BB/B'. At the same time, we removed the rating from CreditWatch with negative implications, where we had placed it on Feb. 7, 2011. The upgrade follows the replacement of the letter of credit (LOC) that Allied Irish Banks PLC (BB/Watch Neg/B) had provided with a new LOC from U.S. Bank N.A. (AA-/Stable/A-1+'). The 'AA-/A-1+' rating reflects our opinion of the credit and liquidity support that U.S. Bank N.A. provides in the form of an irrevocable direct-pay LOC. Under the LOC,
