S&P Global Ratings assigned its 'AA+' long-term rating to the Pennsylvania Housing Finance Agency's (PHFA) single-family mortgage revenue bonds (SF MRBs) anticipated $322.8 million series 2025-148A (non-AMT) social bonds and series 2025-148B (taxable) bonds. At the same time, we affirmed our 'AA+' long-term rating and 'AA+/A-1+' and 'AA+/A-1' ratings on the agency's outstanding SF MRBs. The outlook, where applicable, is stable. Bonds issued within the SF MRB resolution are payable from the revenues, assets, and money pledged under the master indenture on a parity basis with all other outstanding obligations. The bonds are also secured by PHFA's general obligation (GO) pledge. The short-term component of the dual ratings on several of the agency's variable-rate bonds reflects our short-term ratings on
