NEW YORK (Standard&Poor's) May 5, 2008--Standard&Poor's Ratings Services assigned its 'AA/A-1+' rating to Pennsylvania Housing Finance Agency's rental housing refunding bonds (Section 8 Assisted) series 2008A-2008D. Bond proceeds will be used to refund prior series 2002 and 2003 Section 8 assisted bonds. The outlook is stable. The bonds are a general obligation of the agency. The long-term component of the rating reflects the general obligation pledge of the agency (AA); very strong financial performance of the bonds under cash flow scenarios; very seasoned, well-performing mortgages federally subsidized rental payments under the HUD Section 8 program, with housing assistance payment (HAP) contracts coterminous with the mortgage maturity dates; and very strong asset management oversight on the part
