Summary: Ratings On Five Capital Fund Program Revenue Debt Issues Placed On Watch Negative On Lack Of Timely, Satisfactory Information; Capital Fund Financing Program

Standard&Poor's Ratings Services placed its ratings on capital fund program revenue debt issued for Pennsylvania Housing Finance Agency, Philadelphia Housing Authority, and Puerto Rico Public Housing Administration on CreditWatch with negative implications. This action follows our repeated attempts to obtain timely information of satisfactory quality to maintain our ratings on the securities, in accordance with our applicable criteria and policies. If we fail to receive the requested information by Jan. 15, 2015, we will likely suspend the affected ratings, preceded, in accordance with our policies, by any change to the ratings we consider appropriate given the available information. USPF Criteria: Public Housing Authority Debt, June 22, 2007 USPF Criteria: Federal Future Flow Securitization, March 12, 2012 Procedures For

...Standard & Poor's Ratings Services placed its ratings on capital fund program revenue debt issued for Pennsylvania Housing Finance Agency, Philadelphia Housing Authority, and Puerto Rico Public Housing Administration on CreditWatch with negative implications. This action follows our repeated attempts to obtain timely information of satisfactory quality to maintain our ratings on the securities, in accordance with our applicable criteria and policies. If we fail to receive the requested information by Jan. 15, 2015, we will likely suspend the affected ratings, preceded, in accordance with our policies, by any change to the ratings we consider appropriate given the available information....

Summary