NEW YORK (Standard&Poor's) Sept. 24, 2009--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
