S&P Global Ratings affirmed its 'A+' underlying rating (SPUR), with a stable outlook, on Pennsylvania Housing Finance Agency's (PHFA) series 2005A capital-fund-security revenue bonds, issued for a pool of six participating local housing authorities in Pennsylvania. The rating reflects our opinion of the pool's weakest debt service coverage (DSC). The rating also reflects our opinion of: The strong security of pledged federal-public-housing-modernization funds (the capital fund) that each authority receives annually from the U.S. Department of Housing&Urban Development (HUD); The history of excellent administrative oversight of the authorities provided by PHFA; The bond's DSC between 3.94x and 2.66x for the six authorities based on fiscal 2017 allocations; The current and projected DSC for each authority of, at least,
