NEW YORK (Standard&Poor's) Aug. 14, 2013--Standard&Poor's Ratings Services has lowered its issuer credit rating (ICR) on Pennsylvania Housing Finance Agency (PHFA) by one notch to 'AA-' from 'AA'. At the same time, Standard&Poor's has lowered its respective ratings on PHFA's single-family risk retention program and all debt supported by the agency's general obligation (GO) pledge by one notch to 'AA-' and 'AA-/A-1' from 'AA' and 'AA/A-1'. Finally, Standard&Poor's revised its outlook on all issues to stable from negative. This action reflects Standard&Poor's view of the decline in PHFA's profitability to levels below its peers, an increase in foreclosures and delinquencies (non-performing assets), and a weakened economic base due to job
