Pennsylvania Housing Finance Agency; Single Family Whole Loan

S&P Global Ratings assigned its 'AA+' rating to Pennsylvania Housing Finance Agency's (PHFA) series 2018-127A (alternative-minimum tax), 2018-127B (nonalternative-minimum tax), 2018-127C (nonalternative-minimum tax floating rate), and 101C (fixed-rate taxable) single-family mortgage revenue bonds, issued under the agency's single-family parity indenture. We also affirmed our 'AA+', 'AA+/A-1', and 'AA+/A-1+' ratings on all other issues under the parity resolution. The outlook is stable. The 'AA+' 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 'AA+' rating level with an April 1, 2018, parity ratio of 113.27%; Credit quality of its loan insurance, which we consider very strong, since 68% of loans carry federal insurance or guarantees

...S&P Global Ratings assigned its '##+' rating to Pennsylvania Housing Finance Agency's (PHFA) series 2018-127A (alternative-minimum tax), 2018-127B (nonalternative-minimum tax), 2018-127C (nonalternative-minimum tax floating rate), and 101C (fixed-rate taxable) single-family mortgage revenue bonds, issued under the agency's single-family parity indenture. We also affirmed our '##+', '##+/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 an April 1, 2018, parity ratio of 113.27%; + 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...

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