NEW YORK (Standard&Poor's) Feb. 27, 2009--Standard&Poor's Ratings Services has raised its long-term rating on Pennsylvania Housing Finance Agency's series 1993 multifamily development refunding bonds to 'AA' from 'A'. The outlook is stable. The previous rating of 'A' with a negative outlook was assigned on Nov. 19, 2008, and was based on the bond insurance that is provided by Ambac. The upgrade is based on Standard&Poor's assignment of its 'AA' underlying rating (SPUR) to the agency's series 1993A bonds, which is based on the issuer credit rating (ICR), which is currently 'AA'. The stable outlook reflects the very strong financial position, asset quality, and management of the agency. The agency's financial ratios for profitability and
