...S&P Global Ratings assigned its '##+' rating and stable outlook to Pennsylvania Housing Finance Agency's (PHFA) series 2019-129 (nonalternative-minimum tax) single-family mortgage revenue bonds, issued under PHFA's single-family parity indenture, and 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 established the bond indenture in 1982, and all bonds in the indenture...
