S&P Global Ratings assigned its 'AA+' long-term rating to the Pennsylvania Housing Finance Agency's (PHFA) series 2019-131A (non-alternative-minimum tax) and series 2019-131B (alternative-minimum tax) single-family mortgage revenue bonds, issued under PHFA's single-family parity indenture, (collectively, "the 2019-131 bonds"). At the same time, S&P Global Ratings affirmed its 'AA+' long-term rating and various dual ratings on bonds outstanding in the indenture. The outlook, where applicable, is stable. The 'AA+' rating reflects our opinion of PHFA's: Loan portfolio credit quality, which we consider very strong in that more than 68% of loans carry federal insurance or federal guarantees; Cash flows demonstrating sufficient asset-to-liability parity of 114%, covering potential loan losses at the 'AA+' rating level in various stress scenarios; Mortgage-payment and investment-earnings
