NEW YORK (Standard&Poor's) Sept. 28, 2010--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; 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 held by the trustee outside the lien of the indenture and pledged to the resolution. "We expect
