S&P Global Ratings assigned its 'AA+' rating to Pennsylvania Housing Finance Agency's (PHFA) series 2017-123A and 2017-123B, and its 'A-1+' rating to series 2017-123C single-family mortgage revenue bonds, issued under the agency's single-family parity indenture. At the same time, S&P Global Ratings affirmed its 'AA+', 'AA+/A-1+', and 'AA+/A-1' ratings on all other outstanding issues under the parity resolution. The outlook on all long term ratings is stable. The 'AA+' rating reflects our view of the following strengths: The credit quality of the loan insurance, which we consider very strong, since 67% of the loans carry federal insurance or guarantees (which benefit from the full faith and credit of the U.S.); Cash flows with various prepayment schedules, demonstrating what we consider
