The rating on Pennsylvania Housing Finance Agency's (PHFA) series 2004-82 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. The loan portfolio of approximately 35,425 contains mainly conventional loans (50.80%), and FHA-insured loans (41.74%), with small amounts of VA-guaranteed
