SAN FRANCISCO (Standard&Poor's CreditWire) Jan. 31, 2001--Standard&Poor's today assigned its triple-'A' rating to Washington State Housing Finance Commission's $3.08 million multifamily housing revenue bonds series 2001A and $1.03 million taxable multifamily housing revenue bonds series 2001B. The bonds are scheduled to sell on Feb. 9, 2001. The rating reflects: -- Pledged assets consisting of 'AAA/A-1+' rated investments; GNMA construction loan certificates (CLCs) during the project construction period; and, a GNMA permanent loan certificate (PLC) to be delivered upon project completion and final endorsement of the underlying mortgage for FHA insurance; -- Coverage of all credit shortfalls and liquidity shortfalls -- negative arbitrage, the 30-day payment lag, reinvestment risk, and payment of GNMA accrued interest -- from
