Standard&Poor's Ratings Services affirmed its 'AA+/A-1+' rating and 'AA+' underlying rating (SPUR) on Pennsylvania Housing Finance Agency's (PHFA) single-family mortgage revenue bonds series 2004-83B, 2004-83C, 2004-84D, 2004-86B, 2005-89, and 2005-91B. The long-term and short-term components of the dual rating are based on an irrevocable standby temporary credit and liquidity facility (C&L Facility) issued by Fannie Mae and Freddie Mac (the GSEs: 'AA+/A-1+'). The outlook is negative. On Feb. 22, 2012 (substitution date), the issuer expects to substitute the current credit and liquidity facility with a liquidity facility provided by The Bank of Tokyo-Mitsubishi UFJ, LTD (A+/A-1). The long-term component of the rating is expected to be based on our opinion of the credit strength of the
