...May 9, 2024 NEW YORK (S&P Global Ratings) May 9, 2024--S&P Global Ratings assigned its '##+' long-term rating to the Pennsylvania Housing Finance Agency's (PHFA) single-family mortgage revenue bonds (SF MRBs) series 2024-145A (non-AMT) social bonds and 2024-145B (taxable) bonds. At the same time, we affirmed our '##+' long-term rating and '##+/A-1+' ratings on the agency's previously issued SF MRBs. The outlook is stable. "The stable outlook reflects S&P Global Ratings' opinion that the SF MRB resolution will likely provide very strong credit protection for bondholders, as evidenced by the resolution's strong cash flow projections, high-quality mortgage loans and investments, and demonstrated ability to cover S&P Global Ratings-projected loan losses," said S&P Global Ratings credit analyst Shirley Flores. In our view, PHFA's asset management practices have helped mitigate elevated delinquency in the agency's single-family portfolios over the past two years while continuing to exhibit prudent...
