Standard&Poor's Ratings Services affirmed its 'AA+/A-1' rating on Pennsylvania Housing Finance Agency's (PHFA) single-family mortgage revenue bonds series 2005-88B, 2005-88C, and 2006-94B. The long-term component of the rating is based on our opinion of the credit strength of the parity resolution. The short-term component of the rating is based on the rating on the liquidity facility provider, Dexia Credit Local (A/A-1). On Aug. 31, 2011, the issuer expects to substitute the current liquidity facility provided by Dexia Credit Local with a facility provided by PNC Bank National Association (A+/A-1). On the effective date of delivery of the substitute facility, the short-term component of the rating will reflect the then current short-term rating of PNC Bank National Association. Standard
