S&P Global Ratings affirmed its 'AA-' issuer credit rating (ICR) on the Pennsylvania Housing Finance Agency (PHFA). At the same time, we affirmed our 'AA-' rating on PHFA's single-family mortgage risk retention program (also known as the Pennsylvania Housing Insurance Fund [PHIF]) and our '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 and experienced executive management team dedicated to proactive and strategic planning; A strong level of overall financial capacity, demonstrated by strong profitability ratios for a 'AA-' rating; The agency's sufficient loan loss reserves; A very high-quality investment portfolio; and The agency's success in meeting its legislative mandate, with
