Standard&Poor's Ratings Services assigned its 'AA+' long-term rating, with a stable outlook, to Pennsylvania Housing Finance Agency's (PHFA) series 2009-105A, 2009-105B, and 2009-105C $193.67 million single-family mortgage revenue bonds. At the same time, Standard&Poor's affirmed its ratings on all the other series under the parity resolution. The rating, in our opinion, reflects PHFA's: Very strong quality of the single-family mortgage collateral, including primarily conventional insured, RHS, and uninsured and FHA-insured mortgages; General obligation (GO) pledge, which currently has an 'AA' issuer credit rating (ICR); Investments commensurate with the rating on the bonds; Sufficient loss coverage protection provided by reserves and the GO pledge of the agency; and Funds in the Self Insurance Fund (SIF) held by
