NEW YORK (Standard&Poor's) April 14, 2009--Standard&Poor's Ratings Services today raised its ratings on Washington State Housing Finance Commission's $5.8 million variable-rate demand revenue bonds series 2003A and $2.5 million variable-rate demand revenue bonds series 2003B (Rosemont Apartments project) to 'AA+/A-1+' from 'AA-/A-1+.' Today's rating actions reflect the substitution of the confirming letter of credit (LOC) provided by Bank of the West ('AA-/A-1+') with a new confirming LOC provided by Federal Home Loan Bank of Seattle ('AA+/A-1+'). Umpqua Bank (not rated) remains the fronting LOC provider. The ratings are based on the credit and liquidity support provided by Federal Home Loan Bank of Seattle in the form of a confirming LOC, which provides for the full and
