Summary: Pennsylvania Housing Finance Agency; Single Family Whole Loan

S&P Global Ratings revised its 'A-1+' rating on Pennsylvania Housing Finance Agency's (PHFA) series 2017-123C single-family mortgage revenue bonds to a 'AA+' long-term rating. The outlook is stable. The bonds were issued under the agency's single-family parity indenture. We initially assigned a short-term rating based on the mandatory tender date of Dec. 20, 2017, which met our expiration date requisite of no more than 365 days for short-term ratings. We have since learned that PHFA has the option to cancel the mandatory tender of these bonds and keep the bonds outstanding. Due to the uncertainty of PHFA exercising either its optional redemption of the bonds or its cancellation option of the mandatory tender, we converted the short-term rating to a

...S&P Global Ratings revised its 'A-1+' rating on Pennsylvania Housing Finance Agency's (PHFA) series 2017-123C single-family mortgage revenue bonds to a '##+' long-term rating. The outlook is stable. The bonds were issued under the agency's single-family parity indenture. We initially assigned a short-term rating based on the mandatory tender date of Dec. 20, 2017, which met our expiration date requisite of no more than 365 days for short-term ratings. We have since learned that PHFA has the option to cancel the mandatory tender of these bonds and keep the bonds outstanding. Due to the uncertainty of PHFA exercising either its optional redemption of the bonds or its cancellation option of the mandatory tender, we converted the short-term rating to a long-term rating because cancellation of the mandatory tender would extend the due date beyond the 365 days. The '##+' rating reflects our view of the following strengths:...

Summary