On May 18, 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 2006 (for the Bertschi School project) due June 1, 2035, to 'AA-/A-1+' from 'A+/A-1' following the replacement of the letter of credit (LOC) that Bank of America N.A ('A+/A-1') had provided with a new LOC from U.S. Bank N.A. ('AA-/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, U.S. Bank N.A. fully supports all bond payment obligations when the bonds are in the daily and weekly interest-rate reset modes. Therefore, our rating applies only
