WAC 460-42A-030. Exemption of securities pursuant to RCW 21.20.310 (1)

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. or Fitch Ratings, Inc. ; or (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. or Fitch Ratings, Inc.