S&P Global Ratings assigned its 'AA+' long-term rating to the Pennsylvania Housing Finance Agency's (PHFA) series 2022-140A (Non-AMT) social bonds and series 2022-140B (federally taxable). At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating and underlying rating (SPUR) and its 'AA+/A-1' and 'AA+/A-1+' dual ratings on PHFA's previously issued debt under the single-family mortgage revenue bond resolution (the single-family resolution). The outlook is stable. The bonds are secured by PHFA's general obligation (GO) pledge and its single-family resolution, and the rating therefore reflects our analysis of both revenue streams according to our criteria "Methodology: Rating Approach To Obligations With Multiple Revenue Streams," published Nov. 29, 2011, on RatingsDirect. Given the high over-collateralization in the resolution, our rating
