OREANDA-NEWS. S&P Global Ratings today assigned its 'AA+/A-1+' rating to ASC Admiral Way LLC's (the issuer's) $35.27 million taxable variable-rate demand assisted living facility revenue bonds (Aegis of West Seattle Project) 2016 series A due Aug. 1, 2056.

The rating on the bonds reflects the higher of our ratings on the Federal Home Loan Bank of San Francisco (FHLB SF; 'AA+/A-1+'),the confirming letter of credit (CLOC) provider, and East West Bank ('BBB+/A-2'), the fronting LOC (FLOC) provider, during the weekly interest rate mode (the rated mode).

The 'AA+' long-term component of our rating reflects the higher of our long-term issuer credit ratings on East West Bank and FHLB SF and addresses full and timely interest and principal payments when the bondholders have not exercised the put option. The 'A-1+' short-term component of our rating reflects the higher of our short-term issuer credit ratings on East West Bank and FHLB SF and addresses full and timely interest and principal payments when the bondholders have exercised the put option. Although each bank fully supports the bonds' repayment when they are in the rated mode, we did not apply our joint-support methodology because we believe that FHLB SF and its member banks are too highly correlated (for more information on our joint-support methodology, see "Methodology And Assumptions For Rating Jointly Supported Financial Obligations," published May 23, 2016).

In view of the bond structure, changes to our rating on the bonds can result from, among other things, changes to our ratings on the LOC providers or amendments to the transaction's terms. We will maintain a rating on the bonds as long as they are in the rated mode and the LOCs have not expired or otherwise terminated. If either of these conditions changes, we will likely withdraw the rating on the bonds.