SAN FRANCISCO (Standard&Poor's CreditWire) Sept. 22, 2000--Standard&Poor's today assigned its triple-'A' rating to Washington State Housing Finance Commission's $5.95 million multifamily housing revenue bonds series 2000. The bonds are scheduled to sell Oct. 4, 2000. The rating reflects: -- Pledged assets consisting of 'AAA/A-1+' rated investments and a GNMA permanent loan certificate (PLC) to be delivered by Dec. 31, 2000; -- Coverage of all credit shortfalls and liquidity shortfalls--negative arbitrage, the 30-day payment lag, reinvestment risk, and payment of GNMA accrued interest--from bankruptcy-proof funds on deposit with the trustee; -- Cash flows demonstrating sufficient investment earnings and mortgage revenues passed through under the GNMA security to make all scheduled debt service payments and pay all required
