The ratings on Pennsylvania Housing Finance Agency's (PHFA) bonds are based on the GO pledge of the agency. PHFA has a 'AA' Issuer Credit Rating from Standard&Poor's, reflecting: The agency's very strong asset base and good reserve position; Very strong financial performance, continued profitability and stable equity levels; The very strong management team of the agency; An ability of the agency to demonstrate continued state support while exercising autonomy and independence; and The agency's ability to successfully meet its legislative mandate. Series 1997-G was issued in March 1997, and series 1998-H was issued in November 1998. Bond proceeds for these two issues were used to finance the development of residential development projects. PHFA has been active in its
