S&P Global Ratings affirmed its 'AA+', 'AA+/A-1', and 'AA+/A-1+' ratings on Pennsylvania Housing Finance Agency's (PHFA) single-family mortgage revenue bonds, issued under the agency's single-family parity indenture. The outlooks are stable. The affirmation reflects our review of the bond indenture, reflecting a transfer of $20 million into the general fund to fund the Pennsylvania Insurance Fund. The 'AA+' rating reflects our opinion of PHFA's: Cash flow with various prepayment schedules, demonstrating what we consider sufficient equity to cover potential loan losses at the 'AA+' rating level with an April 1, 2018, parity ratio of 113.27%; Credit quality of its loan insurance, which we consider very strong, since 68% of loans carry federal insurance or guarantees that benefit from the nation's
