The ratings on Pennsylvania Housing Finance Agency (PHFA)'s bonds reflect: The agency's strong asset base and good reserve position; Consistent financial performance, continued profitability, and stable equity levels; The depth and breadth of PHFA management; A stable Pennsylvania economy and housing market; and An ability of the agency to demonstrate continued state support while exercising autonomy and independence. PHFA's mandate is to finance mortgage loans for low-to-moderate income residents of the state, as evidenced by its asset base of about $3.08 billion, of which 80%, or $2.47 billion, are mortgage loans. Despite the significant increase in loan origination, liquidity remains solid at 16% of total assets. Asset quality and performance are enhanced through PHFA's strong management team and the stable
