NEW YORK (Standard&Poor's) May 4, 2011--Standard&Poor's Ratings Services today raised its rating on Washington State Housing Finance Commission's variable-rate demand nonprofit revenue bonds series 2005 (for the Seattle Art Museum project) due July 1, 2033, to 'AA-/A-1+' from 'BB/B'. At the same time, we removed our rating from CreditWatch with negative implications, where we had placed it on Feb. 7, 2011. The 'AA-' long-term component of our rating is based on our long-term issuer credit rating on U.S. Bank N.A. and addresses full and timely payments of interest and principal when the bondholders have not exercised the put option. The 'A-1+' short-term component of our rating is based on our short-term issuer credit rating on U.S.
