NEW YORK (Standard&Poor's) May 25, 2011--Standard&Poor's Ratings Services raised its short-term rating on Pennsylvania Housing Finance Agency's (PHFA) single family mortgage revenue bonds series 2004-81C to 'AA+/A-1+' from 'AA+/A-1'. In addition, Standard&Poor's affirmed its 'AA+/A-1+' short-term rating on the agency's series 2004-82B and 2004-82C bonds due to the substitution of the existing SBPA provided by Landesbank Hessen-Thueringen Girozentrale (AA/Stable/A-1) with an SBPA provided by Royal Bank of Canada. The outlook is negative. "The upgrade is due to the substitution of the existing standby bond purchase agreement (SBPA) provided by Lloyds TSB Bank PLC (A+/Stable/A-1) with an SBPA provided by Royal Bank of Canada (AA-/Positive/A-1+)," said Standard&Poor's credit analyst Valerie White. The long-term
