Standard&Poor's Ratings Services affirmed its 'AA+/A-2' rating on Pennsylvania Housing Finance Agency's (PHFA) homeowner mortgage revenue bonds series 2004-86B and 2004-86C, and the ratings on all other series under the parity resolution. The long-term rating is based on the credit strength of the parity resolution. The short-term rating is based on the liquidity facility provider Depfa Bank PLC (BBB/A-2). The issuer expects to substitute the current liquidity facility with one provided by Wachovia Bank, NA (AA+/A-1+) by May 27, 2009. The facility is expected to cover 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 expected to be subject to automatic termination
