The 'AAA' rating on Pennsylvania Housing Finance Agency's (PHFA) multifamily housing revenue bonds series 1982B and 1992 has been affirmed. The bonds are secured by mortgage loans, which are insured by FHA under Section 221(d)(3), 221(d)4, and 220 of the National Housing Act. The rating continues to reflect: The extremely strong quality of the mortgage loan; Reserves held in 'AAA' rated investments; Sufficiency of assets and revenues to pay debt service and expenses; and A strong asset-to-liability position of 105.33% as of Oct. 31, 2004. The proceeds from the series 1992 bonds were used to refund a portion of the 1982 bonds. The mortgage loans are insured by FHA under Section 221(d)(3), 221(d)4, and 220 of the National Act. Accordingly,
