Standard&Poor's Ratings Services raised its short-term rating on Pennsylvania Housing Finance Agency's (PHFA) single family mortgage revenue bonds series 2004-81C to 'AA+/A-1+' from 'AA+/A-1' due to the substitution of the existing standby bond purchase agreement (SBPA) provided by Lloyds TSB Bank PLC (A+/Stable/A-1) with an SBPA provided by Royal Bank of Canada (AA-/Positive/A-1+). In addition, Standard&Poor's affirmed its 'AA+/A-1+' short-term rating on the agency's series 2004-82B and 2004-82C bonds due to the substitution of the existing SBPA provided by Landesbank Hessen-Thueringen Girozentrale (AA/Stable/A-1) with an SBPA provided by Royal Bank of Canada. The outlook is negative. The long-term rating on the series 2004-81C, 2004-82B, and 2004-82C bonds is based on the credit strength of the parity
