Summary: Pennsylvania Housing Finance Agency; Single Family Whole Loan Jun 09

Standard & Poors, June 2009

Abstract
Standard & Poor's Ratings Services raised its rating on Pennsylvania Housing Finance Agency's (PHFA) series 2004-86B and 2004-86C to 'AA+/A-1+' from 'AA+/A-2' due to the substitution of the existing standby bond purchase agreement (SBPA) provided by Depfa Bank PLC (BBB/A-2) with a SBPA provided by Wachovia Bank N.A. (AA+/A-1+). The 'AA+' rating on the bonds is based on the unenhanced rating of the resolution. The facility is expected to cover the purchase price of tendered bonds in the event of a failed remarketing at the maximum rate of 12% for 189 days of interest. The bonds currently bear interest in the weekly mode and shall be subject to mandatory tender upon conversion to another mode. The facility is expected to...

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

Action: Upgraded

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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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