Pennsylvania Housing Finance Agency; Single Family Whole Loan

S&P Global Ratings assigned its 'AA+' long-term rating to the Pennsylvania Housing Finance Agency's (PHFA) series 2019-131A (non-alternative-minimum tax) and series 2019-131B (alternative-minimum tax) single-family mortgage revenue bonds, issued under PHFA's single-family parity indenture, (collectively, "the 2019-131 bonds"). At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating and various dual ratings on bonds outstanding in the indenture. The outlook, where applicable, is stable. The 'AA+' rating reflects our opinion of PHFA's: Loan portfolio credit quality, which we consider very strong in that more than 68% of loans carry federal insurance or federal guarantees; Cash flows demonstrating sufficient asset-to-liability parity of 114%, covering potential loan losses at the 'AA+' rating level in various stress scenarios; Mortgage-payment and investment-earnings

...S&P Global Ratings assigned its '##+' long-term rating to the Pennsylvania Housing Finance Agency's (PHFA) series 2019-131A (non-alternative-minimum tax) and series 2019-131B (alternative-minimum tax) single-family mortgage revenue bonds, issued under PHFA's single-family parity indenture, (collectively, "the 2019-131 bonds"). At the same time, S&P Global Ratings affirmed its '##+' long-term rating and various dual ratings on bonds outstanding in the indenture. The outlook, where applicable, is stable. The '##+' rating reflects our opinion of PHFA's: + Loan portfolio credit quality, which we consider very strong in that more than 68% of loans carry federal insurance or federal guarantees; + Cash flows demonstrating sufficient asset-to-liability parity of 114%, covering potential loan losses at the '##+' rating level in various stress scenarios; + Mortgage-payment and investment-earnings revenue that are sufficient to pay debt service and fees until maturity. Partly offsetting the above...

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