NEW YORK (Standard&Poor's) March 11, 2009--Standard&Poor's Ratings Services has lowered its rating on Pennsylvania Housing Finance Agency's variable-rate building development bonds series 2004 to 'AA/A-1' from 'AA/A-1+' and removed it from CreditWatch with negative implications, where it was placed on Dec. 11, 2008. The rating action follows the lowering of the short-term rating (and removal from CreditWatch with negative implications) of PNC Bank N.A., Pittsburgh, Pa. The long-term rating is based on the obligor, Pennsylvania Housing Finance Agency. The short-term rating is based on the liquidity provider--PNC Bank N.A., Pittsburgh, Pa.--scheduled to expire on Jan. 1, 2034.
