Standard&Poor's Ratings Services assigned its 'AA+' rating to Pennsylvania Housing Finance Agency's (PHFA) series 2008-103A, 2008-103B, and 2008-103C homeowner mortgage revenue bonds, and affirmed the rating on all other series under the parity resolution. The rating reflects: Very strong loss coverage protection provided by the agency's self-insurance fund covering estimated loan losses sufficient to support the rating level; Very strong quality of the single-family mortgage collateral, including primarily conventional and FHA-insured mortgages; The general obligation (GO) pledge of the agency, which currently has a 'AA' issuer credit rating; Investments commensurate with the rating on the bonds; and Funds in the Self Insurance Fund (SIF) held by the trustee but pledged to the resolution. The strengths are offset by
