S&P Global Ratings affirmed its 'AA-' issuer credit rating on the Pennsylvania Housing Finance Agency (PHFA). At the same time, S&P Global Ratings affirmed its 'AA-' rating on PHFA's single-family mortgage-risk-retention program (also known as the Pennsylvania Housing Insurance Fund [PHIF]) and its 'AA-' rating on debt supported by the agency's general obligation (GO) pledge. The outlook is stable. The ratings reflect our view of the following strengths: Strong executive management team with decades of industry experience dedicated to proactive and strategic planning that has actively reduced variable-rate debt and counterparty exposure while maintaining healthy single-family loan originations through bond financing and secondary market sales; Solid level of overall financial capacity, demonstrated by an S&P Global Ratings-adjusted equity position of
