NEW YORK (Standard&Poor's) Feb. 28, 2011--Standard&Poor's Ratings Services has revised its outlook to negative from stable on Pennsylvania Housing Finance Agency (PHFA). Standard&Poor's also assigned its 'AA+' long-term rating to PHFA's series 2011-112 revenue bonds, and affirmed its ratings on all the agency's other series under the parity resolution. "The outlook revision is based on the downward trend in the resolution's parity," said Standard&Poor's credit analyst Valerie White. The rating reflects our opinion of the very strong quality of PHFA's single-family mortgage collateral, primarily Federal Housing Administration (FHA)-insured, conventional insured, Rural Housing Services, Veterans Affairs, and uninsured mortgages. Also supporting the rating is the general obligation (GO) pledge of the issuer ('AA');
