S&P Global Ratings assigned its 'AA+' rating to Pennsylvania Housing Finance Agency's (PHFA) series 2018-127A (alternative-minimum tax), 2018-127B (nonalternative-minimum tax), 2018-127C (nonalternative-minimum tax floating rate), and 101C (fixed-rate taxable) single-family mortgage revenue bonds, issued under the agency's single-family parity indenture. We also affirmed our 'AA+', 'AA+/A-1', and 'AA+/A-1+' ratings on all other issues under the parity resolution. The outlook is stable. The 'AA+' rating reflects our opinion of PHFA's: Cash flows 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
