Standard&Poor's Ratings Services affirmed its 'AA' underlying rating (SPUR) on Pennsylvania Housing Finance Agency's (PHFA) capital fund security revenue bonds series 2005A, issued on behalf of a pool of seven participating local housing authorities in the state of Pennsylvania. These bonds are insured by Assured Guaranty Municipal Corp. (AA+). The outlook is negative. The SPUR reflects our opinion of: The strong security of pledged federal public housing modernization funds (capital fund) that each authority receives annually from HUD; Demonstrated HUD support for the transaction, limiting the risk of any sanctions that can jeopardize the flow of funds to bondholders; A fully funded debt service reserve fund sized at maximum annual debt service for each authority; The sound legal
