Standard&Poor's Ratings Services lowered its ratings on Pennsylvania Housing Finance Agency's single-family mortgage revenue bonds series 2004-83B, 2004-83C, 2004-84D, 2004-86B, 2005-89, and 2005-91B to 'AA+/A-1' from 'AA+/A-1+'. At the same time, Standard&Poor's withdrew its underlying ratings (SPURs) on series 2004-83B, 2004-83C, 2004-84D, 2004-86B, 2005-89, and 2005-91B. The outlook is negative. These rating actions are due to the substitution of the existing irrevocable standby temporary credit and liquidity facility issued by Fannie Mae and Freddie Mac (the GSEs: 'AA+/A-1+') with a standby bond purchase agreement (SBPA) provided by The Bank of Tokyo-Mitsubishi UFJ Ltd. (A+/A-1). The 'AA+' long-term component of the rating on the series 2004-83B, 2004-83C, 2004-84D, 2004-86B, 2005-89, and 2005-91B bonds is based on our
