Standard&Poor's Ratings Services raised its rating on Pennsylvania Housing Finance Agency's (PHFA) series 2005-90C bonds to 'AA+/A-1+' from 'AA+/A-2', and affirmed its ratings on all other series under the parity resolution. The long-term component of the rating is based on the credit strength of the parity resolution. The short-term component of the rating is based on the liquidity facility provided by PNC Bank (AA-/A-1+). The facility covers the purchase price of tendered bonds in the event of a failed remarketing at the maximum rate for 189 days of interest. The facility is subject to automatic termination in the event of a payment default on principal or interest on parity bonds, either the final nonappealable finding of invalidity or
