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S&P Corrects And Lowers Washington State Housing Finance Commission's Series 2006A Rating To 'A+/A-1' Sep 09 Product Image

S&P Corrects And Lowers Washington State Housing Finance Commission's Series 2006A Rating To 'A+/A-1' Sep 09

  • ID: 1886270
  • September 2009
  • Region: Washington
  • Standard & Poors

Abstract
CHICAGO (Standard & Poor's) Sept. 29, 2009--Standard & Poor's Ratings Services corrected and lowered its rating on Washington State Housing Finance Commission 's (Merrill Gardens at Tacoma Project) series 2006A bonds to 'A+/A-1' from 'AA/A-1+'. Both the long-term and short-term components of this dual rating are based on a letter of credit provided by Bank of America N.A. (A+/A-1+). On March 3, 2009, we lowered our rating on Bank of America N.A., but due to an administrative error, did not contemporaneously lower the rating on these bonds....

Companies mentioned in this report are: Merrill Gardens,Washington State Housing Finance Commission
Action: Downgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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Merrill Gardens,Washington State Housing Finance Commission

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