Standard&Poor's Ratings Services revised the outlooks on its issuer credit rating (ICR) on Pennsylvania Housing Finance Agency (PHFA) and its 'AA' long-term and underlying (SPUR) ratings on PHFA's single-family risk retention program to negative from stable. Standard&Poor's also revised its bond rating outlook on all debt supported by the agency's general obligation (GO) pledge to negative from stable. At the same time, Standard&Poor's affirmed its 'AA' ICR and its 'AA' long-term and SPUR ratings on PHFA's single-family risk retention program and on all debt supported by the agency's GO pledge. The ICR is based on our opinion of the following strengths: The agency's large loan loss reserves to protect against losses; Very strong and
