Standard&Poor's Ratings Services assigned its 'AA+' rating to Pennsylvania Housing Finance Agency's (PHFA's) series 2015-118A (AMT) and 2015-118B (non-AMT) single-family mortgage revenue bonds, issued under the agency's single-family parity indenture. At the same time, Standard&Poor's affirmed its 'AA+', 'AA+/A-1+', and 'AA+/A-1' ratings on all other outstanding issues under the agency's parity resolution. The outlook on all issues is stable. The 'AA+' rating reflects our view of these strengths: The credit quality of loan insurance that we consider very strong, as a high proportion of the loans carry federal insurance or guarantees (which benefit from the full-faith-and-credit of the U.S.); Consolidated cash flows run at various prepayment speeds, demonstrating what we consider sufficient loss coverage for a
