Standard&Poor's Ratings Services raised its rating on Pennsylvania Housing Finance Agency's (PHFA) series 2002-75A, 2003-77B, and 2003-79B single-family mortgage revenue bonds to 'AA+/A-1+' from 'AA+/A-1'. At the same time, Standard&Poor's affirmed its 'AA+/A-1+' rating on PHFA's series 2004-81C, 2004-82B, and 2004-82C single-family mortgage revenue bonds. The outlook on all issues is negative. The raised ratings reflect a new standby bond purchase agreement (SBPA) provided by Royal Bank of Canada (AA-/A-1+), substituting a prior bank facility issued by Barclays Bank PLC (A/A-1). The 2004-81C, 2004-82B, and 2004-82C bonds are also supported by a SBPA from Royal Bank of Canada (RBC). The long-term component of the ratings reflects our view of the parity resolution's credit strength. The short-term
