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, due to the substitution of the existing standby bond purchase agreement (SBPA) provided by Dexia Credit Local (A/A-1) with a SBPA provided by PNC Bank National Association (A+/A-1). The long-term rating 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, PNC Bank National Association (A/A-1). The facility is expected to cover the purchase price of tendered bonds in the event of a failed remarketing at the maximum rate for 189 days of
