Standard&Poor's Ratings Services has assigned an 'A-1' short-term rating to Pennsylvania Housing Finance Agency's single-family mortgage revenue bonds series 2005-88C. The short-term component of the rating is based on Dexia Credit Local, rated 'A/A-1'. The long-term 'AA+' component of the rating remains unchanged, therefore, the rating is 'AA+/A-1' Dexia Credit Local will provide liquidity in the event of both optional and mandatory tenders. The liquidity facility provides for 100% of principal and 189 days' interest at a maximum rate of 12%, and covers the weekly mode. The facility terminates upon a conversion to other modes, including the fixed-rate mode. The liquidity facility terminates automatically and immediately when the long-term rating has been lowered below investment grade. The bondholders'
