Standard&Poor's Ratings Services assigned its 'AA+' rating and stable outlook to Pennsylvania Housing Finance Agency's (PHFA) series 2016-119 (nonalternative minimum tax) single-family mortgage revenue bonds, issued under the authority's single-family parity indenture. At the same time, Standard&Poor's affirmed its 'AA+', 'AA+/A-1+', and 'AA+/A-1' ratings on the agency's existing debt under the parity resolution. The outlooks are stable. The 'AA+' rating reflects our opinion of PHFA's: Credit quality of loan insurance that we consider very strong since a high proportion of the loans carry federal insurance or guarantees, which benefit from the nation's full-faith-and-credit pledge); Consolidated cash flows that run at various prepayment speeds, demonstrating, what we consider, sufficient loss coverage for an 'AA+' rating; Revenue from
