Standard&Poor's Ratings Services affirmed its 'AA+/A-1' rating on Pennsylvania Housing Finance Agency's (PHFA) series 2002-75A, 2003-77B, and 2003-79B single-family mortgage revenue bonds, and its 'AA+/A-1+' rating on PHFA's series 2004-81C, 2004-82B, and 2004-82C single-family mortgage revenue bonds. The outlook is negative. The long-term component of the ratings reflects our view of the parity resolution's credit strength. The short-term components of the ratings are based on the ratings on the liquidity facility providers, Barclays Bank PLC (A-1) for series 2002-75A, 2003-77B, and 2003-79B; and Royal Bank of Canada (RBC) (A-1+) for series 2004-81C, 2004-82B, and 2004-82C. On April 8, 2014, the issuer, PHFA, expects to substitute the Barclays Bank facility with a liquidity facility provided by RBC. The new
