S&P Global Ratings' issuer credit rating (ICR) on the Pennsylvania Housing Finance Agency (PHFA) is 'AA-'. At the same time, S&P Global Ratings' long-term rating on PHFA's single-family mortgage risk retention program (also known as the Pennsylvania Housing Insurance Fund [PHIF]) is 'AA-'. The outlook is stable. An ICR reflects the obligor's general creditworthiness and its capacity and willingness to meet financial commitments when they come due. It does not apply to any specific financial obligation and does not consider the obligation's nature and provisions, bankruptcy standing, or liquidation, statutory preferences, or legality and enforceability. We believe a well-defined strategic plan; a proven and conservative business model, focused on loan portfolios consisting primarily of single-family whole loans funded with mostly fixed-rate debt;
