Standard&Poor's Ratings Services placed its 'AA/A-1+' rating on Pennsylvania Housing Finance Agency's variable-rate building development bonds series 2004 on CreditWatch with negative implications. The long-term rating is based on Pennsylvania Housing Finance Agency. The short-term rating is based on PNC Bank N.A. This action follows Standard&Poor's Oct. 24, 2008, placement of PNC Bank N.A. on CreditWatch with negative implications.