The rating on Pennsylvania Housing Finance Agency's (PHFA)series 2002-73 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 refund certain series, originate new single-family mortgage loans, and pay assorted costs of issuance. Approximately $70 million of this issue will refund the agency's single-family revenue bonds series 33 and 34 bonds. In addition, approximately $157 million will be used to purchase new single-family
