Standard&Poor's Ratings Services lowered its 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, to 'AA-' from 'AA', and removed it from CreditWatch with negative implications. The outlook is negative. These bonds are insured by Assured Guaranty Municipal Corp. (AA+). The SPUR rating reflects our opinion of: The strong security of pledged federal public housing modernization funds (the capital fund) that each authority receives annually from the Department of Housing&Urban Development (HUD); Demonstrated HUD support for the transaction, limiting the risk of any sanctions that can jeopardize the flow of funds to
