Any security which would otherwise be exempt from registration under RCW 21.20.310
(1) except that it is payable from a nongovernmental industrial or commercial enterprise shall be exempt from registration if it meets the requirements of either subsection (1) or (2) of this section:
(1) The security receives a rating of "AA" or better from Standard and Poor's Corporation or an equivalent rating from Moody's Investors Service, Inc.
(2)(a) The security is issued to fund a single-family mortgage loan program established and operated by a state housing finance agency; and
(b) The security receives a rating of at least "A+" from Standard and Poor's Corporation or an equivalent rating from Moody's Investors Service, Inc.
[Statutory Authority: RCW 21.20.310(1) and 21.20.450. 89-17-080 (Order SDO-128-89), § 460-42A-030, filed 8/17/89, effective 9/17/89.]