NEW YORK (Standard&Poor's) Feb. 24, 2009--Standard&Poor's Ratings Services has affirmed its 'AA+/A-1' rating on three Pennsylvania Housing Finance Agency issues and removed them from CreditWatch with developing implications, where they were placed on Oct. 23, 2008. This action follows Standard&Poor's Dec. 19, 2008, affirmation of Dexia Credit Local's short-term rating and its subsequent removal from CreditWatch with developing implications. The stable outlook reflects, in Standard&Poor's opinion, the strong management of the agency, sufficient funds to adequately cover losses at the current rating level, and the strength of the agency's general obligation pledge. The agency's ability to sustain overall growth in the fund balance of the resolution will be a factor in the
