NEW YORK (Standard&Poor's) Nov. 4, 2011--Standard&Poor's Ratings Services lowered its underlying rating (SPUR) on Pennsylvania Housing Finance Agency's (PHFA) capital fund security revenue bonds series 2005A, issued on behalf of a pool of seven participating local housing authorities in the state of Pennsylvania, to 'AA-' from 'AA', and removed it from CreditWatch with negative implications. The outlook is negative. These bonds are insured by Assured Guaranty Municipal Corp. The SPUR rating reflects our opinion of the strong security of pledged federal public housing modernization funds (the capital fund) that each authority receives annually from the Department of Housing&Urban Development (HUD), demonstrated HUD support for the transaction, a fully funded debt service reserve fund sized
