The rating on the Pennsylvania Housing Finance Agency's (PHFA) residential development refunding bonds (Section 8 Assisted) series 2002A and 2002B is based on the general obligation pledge of PHFA. PHFA is rated 'AA' by Standard&Poor's, and its issuer credit rating reflects: The agency's very strong asset base and good reserve position; Very strong financial performance, continued profitability, and stable equity levels; The very strong management team of the agency; The ability of the agency to demonstrate continued state support while exercising autonomy and independence; and The agency's ability to successfully meet its legislative mandate. Residential development refunding bonds (Section 8 Assisted) series 2002A and 2002B, will refund the agency's series 1991 and 1992 Section 8 outstanding issues. As
