Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Pennsylvania Housing Finance Agency's (PHFA) single-family mortgage revenue bonds series 2011-113. At the same time, Standard&Poor's affirmed its ratings on agency's other series under the parity resolution. The outlook is negative. The rating reflects our opinion of the following strengths: The credit quality of the single-family mortgage collateral, including primarily Federal Housing Administration (FHA)-insured mortgages, conventional insured, RHS, VA, which benefit from the full faith and credit of the U.S (AA+), and uninsured; General obligation (GO) pledge of the issuer (AA); Investments commensurate with the rating on the bonds; and Sufficient loss coverage protection provided by reserves and the GO pledge of the agency. The above strengths
