Standard&Poor's Ratings Services lowered to 'A+/A-1' from 'AA-/A-1+' its rating on Washington State Housing Finance Commission's variable-rate demand multifamily housing revenue bonds (Deer Run West Apartments Project), series 2004A and 2004B, based on an upcoming substitution of credit support. The outlook is negative. As of April 15, 2013, credit support in the form of an irrevocable letter of credit (LOC) provided by Wells Fargo Bank N.A. (AA-/A-1+) will be replaced with an LOC provided by Mizuho Corporate Bank Ltd. (A+/A-1). The new LOC is scheduled to expire on Feb. 24, 2014. The 'A+' long-term component of the rating is based on the issuer credit rating (ICR) of the LOC provider, Mizuho Corporate Bank Ltd., and reflects our opinion
