Standard&Poor's Ratings Services affirmed its 'AA+/A-1' rating on Pennsylvania Housing Finance Agency's (PHFA) series 2004-81C single-family mortgage revenue bonds and its 'AA+/A-1+' rating on PHFA's series 2004-82B and 2004-82C single-family mortgage revenue bonds. The outlooks are negative. The long-term rating for series 2004-81C, 2004-82B, and 2004-82C is based on the credit strength of the parity resolution. The short-term rating for series 2004-81C is based on liquidity facility provider Lloyds TSB Bank PLC (A+/A-1), and the short-term rating for series 2004-82B and 2004-82C is based on liquidity facility provider Landesbank Hessen-Thueringen Girozentrale (AA/A-1+). On May 19, 2011, the issuer expects to substitute the current liquidity facilities with a facility provided by Royal Bank of Canada (AA-/A-1+). The facility is
