S&P Global Ratings assigned its 'AA+' rating to Pennsylvania Housing Finance Agency's (PHFA) series 2016-120 (non-AMT) single-family mortgage revenue bonds, issued under the agency's single-family parity indenture. At the same time, S&P Global Ratings affirmed its 'AA+', 'AA+/A-1+', and 'AA+/A-1' ratings on other outstanding issues under the parity resolution. The outlook on all ratings is stable. The 'AA+' rating reflects our view of the following strengths: The credit quality of loan insurance,which we consider very strong since 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 that run at various prepayment speeds, demonstrating what we consider sufficient loss coverage for a 'AA+' rating; Revenues
