Standard&Poor's Ratings Services revised its rating on Pennsylvania Housing Finance Agency's series 2004-81B bonds to 'AA+/A-1+' from 'AA+', reflecting the conversion of the bonds from auction-rate to variable-rate demand bonds. The long-term component of the rating reflects the credit quality of the bonds and the parity resolution from which all principal and interest payments will be made. The short-term component of the rating reflects the rating of Lloyds TBS Bank, which is providing the standby bond purchase agreements (SBPAs). The SBPAs will pay the price of tendered bonds in the event of a failed remarketing. The SBPAs covers 189 days of interest at the maximum rate on the bonds. Bondholders have the option of tendering bonds with appropriate