Standard&Poor's Ratings Services affirmed its 'AA+/A-1' rating on Pennsylvania Housing Finance Agency's (PHFA) single-family mortgage revenue bonds series 2002-74A and 2002-75A, and its 'AA+/A-1+' rating on the series 2003-77B and 2003-79B bonds. The outlook on the series 2003-79B bonds is stable. The outlook on all the other series of bonds is negative. The long-term component of the rating on the series 2002-74A, 2002-75A, and 2003-77B bonds is based on the credit strength of the parity resolution. The long-term component of the rating on the series 2003-79B is based on a bond insurance policy with Assured Guaranty Municipal Corp (AA+). The short-term component of the rating on the series 2002-74A and 2002-75A is based on the liquidity facility provider,
