Summary: Pennsylvania Housing Finance Agency; Single Family Whole Loan

S&P Global Ratings affirmed the 'A-1' short-term component of its 'AA+/A-1' dual rating on Pennsylvania Housing Finance Agency's series 2006-93B, 2007-98C, and 2007-100C single-family mortgage revenue bonds. The affirmation follows our review of documents related to an upcoming substitution of the standby-bond-purchase agreement (SBPA) provided by Sumitomo Mitsui Banking Corp. with a new SBPA from Wells Fargo Bank N.A. The long-term component of the current rating reflects the issuer's bonds secured by the open-parity indenture. The short-term component of the rating reflects the lower of our ratings on the SBPA provider, Sumitomo Mitsui Banking Corp., and the correlated short-term rating of the long-term rating on the bonds. As of the substitution date, currently expected on Nov. 21, 2018, the short-term

...S&P Global Ratings affirmed the 'A-1' short-term component of its '##+/A-1' dual rating on Pennsylvania Housing Finance Agency's series 2006-93B, 2007-98C, and 2007-100C single-family mortgage revenue bonds. The affirmation follows our review of documents related to an upcoming substitution of the standby-bond-purchase agreement (SBPA) provided by Sumitomo Mitsui Banking Corp. with a new SBPA from Wells Fargo Bank N.A. The long-term component of the current rating reflects the issuer's bonds secured by the open-parity indenture. The short-term component of the rating reflects the lower of our ratings on the SBPA provider, Sumitomo Mitsui Banking Corp., and the correlated short-term rating of the long-term rating on the bonds. As of the substitution date, currently expected on Nov. 21, 2018, the short-term component of the rating will reflect the rating of the new SBPA provider, Wells Fargo Bank N.A....

Summary