Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Pennsylvania Housing Finance Agency's (PHFA) series 2010-109, 2010-110A, and 2010-110B. At the same time, Standard&Poor's affirmed its ratings on all the other series under the parity resolution. The outlook is stable. 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 of the issuer (AA); 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 the trustee outside the lien of the indenture and pledged to
