S&P Global Ratings affirmed its 'AA-' issuer credit rating (ICR) 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-' ratings on debt supported by the agency's general obligation (GO) pledge. The outlook is stable. The ratings reflect our view of PHFA's: Strong management team and board members with a track record of successfully managing its programs even during difficult times and dedicated to strategic planning that has actively reduced its variable-rate debt and counterparty exposure; Strong level of overall financial capacity, demonstrated by an S&P Global Ratings-adjusted equity position of $681 million
