Standard&Poor's Ratings Services affirmed its 'AA+/A-1' rating on Pennsylvania Housing Finance Agency's (PHFA) series 2005-88C, as the bonds are no longer bank bonds and have been remarketed. The bonds are on parity with the agency's resolution, which was recently affirmed (please see, "Pennsylvania Housing Finance Agency; Single Family Whole Loan," published Sept. 24, 2009, on RatingsDirect). The 'A-1' short-term component of the dual rating is based on the liquidity support provided by Dexia Credit Local (A/A-1). The stable outlook reflects our opinion of the current performance of the mortgage loan collateral, strong management provided by PHFA, sufficient funds to adequately cover losses at the AA+ level, and the strength of the agency's general obligation pledge. We expect that
