Pennsylvania Housing Finance Agency; Single Family Whole Loan Sep 08
Standard & Poors, September 2008
Abstract
Standard & Poor's Ratings Services assigned its 'AA+' rating to Pennsylvania Housing Finance Agency's (PHFA) series 2008-103A, 2008-103B, and 2008-103C homeowner mortgage revenue bonds, and affirmed the rating on all other series under the parity resolution. The rating reflects: Very strong loss coverage protection provided by the agency's self-insurance fund covering estimated loan losses sufficient to support the rating level; Very strong quality of the single-family mortgage collateral, including primarily conventional and FHA-insured mortgages; The general obligation (GO) pledge of the agency, which currently has a 'AA' issuer credit rating; Investments commensurate with the rating on the bonds; and Funds in the Self Insurance Fund (SIF) held by the trustee but pledged to the resolution. The strengths are offset by...
Companies mentioned in this report are:
- Pennsylvania Hsg Fin Agy
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
- Pennsylvania Hsg Fin Agy
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