Summary: Pennsylvania Housing Finance Agency; Single Family Whole Loan Jan 09
Standard & Poors, January 2009
Abstract
Standard & Poor's Ratings Services raised its rating on Pennsylvania Housing Finance Agency's (PHFA) series 2005-90C bonds to 'AA+/A-1+' from 'AA+/A-2', and affirmed its ratings on all other series under the parity resolution. The long-term component of the rating is based on the credit strength of the parity resolution. The short-term component of the rating is based on the liquidity facility provided by PNC Bank (AA-/A-1+). The facility covers the purchase price of tendered bonds in the event of a failed remarketing at the maximum rate for 189 days of interest. The facility is subject to automatic termination in the event of a payment default on principal or interest on parity bonds, either the final nonappealable finding of invalidity or...
Companies mentioned in this report are:
- Pennsylvania Hsg Fin Agy
Action: Affirmed
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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