Standard&Poor's Ratings Services raised its ratings on 13 series of bonds issued by Pennsylvania Housing Finance Agency (PHFA) to 'AAA/A-1+' from various ratings, reflecting a substitution of enhancement. We expect that on Dec. 1, 2009 (the substitution date), existing enhancements will be terminated and replaced under the U.S. Treasury's new Temporary Credit and Liquidity Program. Under this new program, one master irrevocable standby temporary credit and liquidity facility (C&L facility), issued by Fannie Mae and Freddie Mac (collectively, the GSEs) in favor of the trustee, will support the 13 series of bonds. At the same time, we removed four of the ratings from CreditWatch with positive implications, where they were placed on June 4, 2009. They
