The ratings on Pennsylvania Housing Finance Agency's (PHFA) single-family mortgage revenue bonds reflect: The agency's very strong asset base and good reserve position; Very strong financial performance, continued profitability, and stable equity levels; The agency's very strong management team; 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. PHFA, which has a mandate to finance mortgage loans for low- to moderate-income residents of the state, operates on an asset base of approximately $3.47 billion, of which 76% (or $2.63 billion) are mortgage loans. PHFA continues to utilize its asset base to meet its legislative mandate of providing affordable housing for the state while simultaneously
