The ratings on Pennsylvania Housing Finance Agency's (PHFA) series 2000-70 bonds reflect: Very strong loss coverage protection provided by the agency's leveraged self insurance fund covering estimated loan losses at 'AA' rating level; Cash flows indicating stable portfolio performance; Investments commensurate with the rating on the bonds; and GO pledge of the agency, which currently has a 'AA' issuer credit rating. Bond proceeds along with an agency contribution from available funds in the indenture will provide funds to partially refund certain series, originate new single-family mortgage loans, and pay assorted costs of issuance. The loan portfolio of approximately 41,200 contains mainly conventional loans (57.72%), and FHA-insured loans (35.86%), with small amounts of VA-guaranteed loans (4.04%), and RHS loans (2.37%). Of
