The rating on Pennsylvania Housing Finance Agency's (PHFA) series 2003-76, 2003-77, and 2003-78 bonds reflects: 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 originate new single-family mortgage loans, and pay assorted costs of issuance. Approximately $100 million will be used to purchase new single-family loans. In addition, $73.68 million will be used to refund series 1992-35. The loan portfolio of approximately 38,700
