Standard&Poor's Ratings Services has lowered the short-term component of its rating on Pennsylvania Housing Finance Agency's single-family mortgage revenue bonds series 2007-100C to 'A-1' from 'A-1+'. This action follows Standard&Poor's downgrade of Dexia Credit Local to 'A-1' from 'A-1+'. The short-term component of the rating is based on Dexia Credit Local. The 'AA+' long-term component of the rating remains unchanged, therefore, the rating is 'AA+/A-1'. The stable outlook reflects the strong management of the resolution, sufficient funds to adequately cover losses at the 'AA+' level, and the strength of the agency's general obligation pledge. Although the overall parity position of the indenture had been declining over recent issues, it has increased for this issue. The authority's
