S&P Global Ratings assigned its 'AA+' rating and stable outlook to Pennsylvania Housing Finance Agency's (PHFA) series 2019-129 (nonalternative-minimum tax) single-family mortgage revenue bonds, issued under PHFA's single-family parity indenture, and affirmed its 'AA+', 'AA+/A-1', and 'AA+/A-1+' ratings, with a stable outlook, on all other issues under the parity resolution. 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 a July 1, 2018, parity ratio of 114%; 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 full-faith-and-credit pledge; and Mortgage-payment and investment-earnings
