NEW YORK (Standard&Poor's) Oct. 7, 2010--Standard&Poor's Ratings Services today reinstated its rating on Washington State Housing Finance Commission's $18.135 million variable-rate demand nonprofit housing revenue bonds series 2001 (for the Kenney Home project) due Dec. 1, 2031, to 'AA/A-1+' from 'NR'. Our 'AA/A-1+' rating on the series 2001 bonds is based on the higher of our long- and short-term issuer credit ratings on Sovereign Bank ('A/A-1'), the fronting letter of credit (LOC) provider, and Banco Santander S.A. ('AA/A-1+'), the confirming LOC provider. The rating addresses the full and timely payment of the bonds' regularly scheduled interest, principal, and purchase price upon a tender according to the transaction's terms. In our view, each LOC fully supports repayment
