SAN FRANCISCO (Standard&Poor's CreditWire) Dec. 21, 1999--Standard&Poor's today affirmed its triple-`A' rating on Washington State Housing Finance Commission's housing bonds (Please see table.) The rating is based on: -- The high credit quality and performance of the mortgage collateral; -- Sufficiency of reserves; -- The high quality of investments; and -- Sufficiency of assets over liabilities. All series are stand-alone issues backed by FNMA or GNMA certificates. Series 1991B, 1991C, 1991D, 1991E, 1992B-2, 1992C-2, and 1992D-2 are secured by FNMA and GNMA MBS. Series 1988A, 1988B, 1990A, and 1990B are secured by GNMA MBS. All resolutions are performing well, as assets exceed liabilities by 2%-10%, and all have shown an increase in asset-to-liability parity over the
