As a direct result of the downgrade by Standard and Poor’s of the credit rating of the U.S. Government on August 8, 2011, S&P dropped the rating on certain multifamily housing revenue bonds. Issues affected include those for which the credit is enhanced by any GSE, including Fannie Mae, Freddie Mac, GNMA, FHA or the Federal Home Loan Bank Board. S&P has posted explanations for the downgrades on its Web site,