NEW YORK (Standard&Poor's) July 28, 2014--Standard&Poor's Ratings Services revised its outlook to stable from negative and affirmed its 'AA+' long-term ratings on Pennsylvania Housing Finance Agency's (PHFA) single-family mortgage revenue debt (single-family parity indenture). The revision of the outlook to stable reflects Standard&Poor's opinion of the authority's: Transfer of $35 million in Pennsylvania Housing Insurance funds from the agency's general fund account, pledged to the indenture to cover loan losses; Consolidated cash flows run at various prepayment speeds, demonstrating the ratings service's view of sufficient assets and revenues to pay timely debt service and absorb projected loan losses; Decrease in variable-rate debt exposure as a result of refundings; Very strong credit quality of the
