Summary: Pennsylvania Housing Finance Agency; Single Family Whole Loan Dec 08

Standard & Poors, December 2008

Abstract
Standard & Poor's Ratings Services assigned its 'AA+' rating on Pennsylvania Housing Finance Agency's (PHFA) to homeowner mortgage revenue bonds series 2008-104, 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 Federal Home Administration-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 bond proceeds from series...

Companies mentioned in this report are:
- Pennsylvania Hsg Fin Agy

Action: Affirmed
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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Pennsylvania Hsg Fin Agy

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