Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Pennsylvania Housing Finance Agency's (PHFA) series 2013-115A Alternate Minimum Tax (AMT) and 2013-115B non-AMT single family mortgage revenue bonds. At the same time, Standard&Poor's affirmed its ratings on other existing issues under the parity resolution. The outlook is negative. The rating reflects our opinion of the following strengths: The credit quality of the single-family mortgage collateral, including primarily Federal Housing Administration (FHA)-insured mortgages, conventional insured, Rural Housing Services, Veterans Administration (which benefits from the full faith and credit of the U.S.) and uninsured; The issuer's general obligation (GO) pledge; The investments commensurate with the rating on the bonds; and The sufficient loss coverage protection. We believe the
