...S&P Global Ratings affirmed its '##-' issuer credit rating on the Pennsylvania Housing Finance Agency (PHFA). At the same time, S&P Global Ratings affirmed its '##-' rating on PHFA's single-family mortgage risk retention program (also known as the Pennsylvania Housing Insurance Fund [PHIF]) and its '##-' rating on debt supported by the agency's general obligation (GO) pledge. The outlook is stable. The ratings reflect our view of these strengths: + Strong and experienced executive management team dedicated to proactive and strategic planning; + Strong level of overall financial capacity, demonstrated by an S&P Global Ratings-adjusted equity position of $619 million--the second-largest in PHFA's '##-' rated peer group; + The agency's sufficient loan loss reserves; + A very high-quality investment portfolio; and + The agency's success in meeting its legislative mandate, with strong support from the commonwealth for its operations and mission. Offsetting the aforementioned strengths is our...
