S&P Global Ratings affirmed its 'A+' underlying rating (SPUR), with a stable outlook, on Pennsylvania Housing Finance Agency's series 2005A capital-grant-fund-program revenue bonds. The affirmation reflects our opinion of the pool's improved debt service coverage (DSC) since fiscal 2017 and our projections that indicate DSC will likely remain above 3.8x through fiscal 2021. We also think the U.S. Congress will likely continue to allocate money to the capital-fund-financing program despite appropriation fluctuations during the past three years. We rate the pooled financing bond issuance solely on the strength of U.S. Department of Housing&Urban Development's (HUD) capital-fund-financing-program money received by six public housing authorities. The rating also reflects our opinion of: The strong security of pledged federal public-housing-modernization funds,
