Standard&Poor's Ratings Services affirmed its 'AA-' issuer credit rating (ICR) on Pennsylvania Housing Finance Agency (PHFA). At the same time, Standard&Poor's affirmed its 'AA-' rating on PHFA's single-family risk retention program, and its 'AA-' and 'AA-/A-1' ratings on debt supported by the agency's general obligation (GO) pledge. The outlook is stable. The ratings reflect our view of these strengths: A strong executive management team that is dedicated to proactive and strategic planning; A strong level of overall financial capacity, demonstrated by strong profitability and leverage ratios for a 'AA-' rating; The agency's loan loss reserves to protect against losses; The very high-quality investment portfolio; and The agency's success in meeting its legislative mandate, with strong support
