SAN FRANCISCO (Standard&Poor's CreditWire) Nov. 5, 1999--Standard&Poor's today assigned its triple-`A' and `A-1'-plus ratings to the Washington State Housing Finance Commission's $6.75 million multifamily housing revenue bonds series 1999A and $2.25 million taxable multifamily housing revenue bonds series 1999B, both issued for the Woodrose Apartment project. The bonds are scheduled to sell Nov 9, 1999. The rating reflects the extremely strong credit enhancement of the mortgages backing the bonds through a Fannie Mae direct-pay credit facility and triple-'A'-rated investments. Upon bond closing Fannie Mae will provide a direct-pay credit enhancement facility. Under this structure, the trustee is instructed to draw on Fannie Mae one day prior to each bond interest payment date. Fannie Mae then pays
