The ratings on Pennsylvania Housing Finance Agency's series 1999-66 bonds reflect: * High quality mortgage loan collateral, which continues to perform well; * 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; * GO pledge of the agency; and * A state continuing to exhibit steady economic growth. Bond proceeds, along with an agency contribution from available funds in the indenture, will provide funds to fully redeem series W, partially refund certain other series, originate new single-family mortgage loans, and pay assorted costs of issuance. The loan portfolio of approximately $38,200 contains mainly
