Pennsylvania Housing Finance Agency; Single Family Whole Loan

S&P Global Ratings assigned its 'AA+' rating and stable outlook to Pennsylvania Housing Finance Agency's (PHFA) series 2019-128A (alternative-minimum tax) and 2019-128B (nonalternative-minimum tax) single-family mortgage revenue bonds, issued under the agency's single-family parity indenture. S&P Global Ratings also affirmed its 'AA+', 'AA+/A-1', and 'AA+/A-1+' ratings, with a stable outlook, on all other issues under the parity resolution. 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 a July 1, 2018, parity ratio of 114%; Credit quality of its loan insurance, which we consider very strong, since 68% of loans carry federal insurance or guarantees that benefit from

...S&P Global Ratings assigned its '##+' rating and stable outlook to Pennsylvania Housing Finance Agency's (PHFA) series 2019-128A (alternative-minimum tax) and 2019-128B (nonalternative-minimum tax) single-family mortgage revenue bonds, issued under the agency's single-family parity indenture. S&P Global Ratings also affirmed its '##+', '##+/A-1', and '##+/A-1+' ratings, with a stable outlook, on all other issues under the parity resolution. 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, 2018, parity ratio of 114%; + 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...

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