...S&P Global Ratings assigned its '##+' rating to Pennsylvania Housing Finance Agency's (PHFA) series 2018-126A (non-alternative-minimum tax) and 2018-126B (LIBOR Floating Rate) single-family mortgage revenue bonds, issued under the agency's single-family parity indenture, and affirmed its '##+', '##+/A-1', and '##+/A-1+' ratings on all other issues under the parity resolution. The outlook is stable. The '##+' rating reflects our opinion of PHFA's: + Cash flows with various prepayment schedules, demonstrating what we consider sufficient equity to cover potential loan losses at the '##+' rating level with a July 1, 2017 parity ratio of 112.77%; + Credit quality of its loan insurance, which we consider very strong, since 68% of loans carry federal insurance or guarantees that benefit from the nation's full-faith-and-credit pledge; and + Mortgage-payment and investment-earnings revenue that is sufficient to pay debt service and fees until maturity. PHFA established the bond indenture in 1982,...
