S&P Global Ratings raised its underlying rating (SPUR) to 'AA-' from 'A+' on the Pennsylvania Housing Finance Agency's (PHFA) series 2005A capital grant fund-program revenue bonds. The outlook is stable. The upgrade reflects our view of the authorities' managerial capacity assessment as strong based on collective overall organizational capacities and modernization efforts. The bonds are special limited obligations of the participating housing authorities in the pool secured by and payable solely from annual allocations of public housing capital funds, including replacement housing factor grants and demolition disposition transitional grants, and assets held in the funds established under the indenture. The capital funds allocations' pledged amounts will be paid directly by the U.S. Department of Housing&Urban Development (HUD) to
