Bangkok--30 Sep--Standard & Poor's
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.
Complete ratings information is available to RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; select your preferred country or region, then Ratings in the left navigation bar, followed by Find a Rating.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Dare Branch, Chicago (1) 312-233-7034
Santos Souffront, New York (1) 212-438-2197