Standard&Poor's Ratings Services has revised its outlook to negative from stable on Pennsylvania Housing Finance Agency (PHFA), based on the downward trend in the resolution's parity. Standard&Poor's also assigned its 'AA+' long-term rating to PHFA's series 2011-112 revenue bonds, and affirmed its ratings on all the agency's other series under the parity resolution. The rating reflects our opinion of the following strengths: Very strong quality of the single-family mortgage collateral, primarily Federal Housing Administration (FHA)-insured, conventional insured, Rural Housing Services, Veterans Affairs, and uninsured mortgages ; General obligation (GO) pledge of the issuer ('AA'); Investments commensurate with the rating on the bonds; Sufficient loss coverage protection provided by reserves and the GO pledge of the agency;
