Summary: Pennsylvania Housing Finance Agency; Single Family Whole Loan May 11

Standard & Poors, May 2011

Abstract
Standard & Poor's Ratings Services raised its short-term rating on Pennsylvania Housing Finance Agency's (PHFA) single family mortgage revenue bonds series 2004-81C to 'AA+/A-1+' from 'AA+/A-1' due to the substitution of the existing standby bond purchase agreement (SBPA) provided by Lloyds TSB Bank PLC (A+/Stable/A-1) with an SBPA provided by Royal Bank of Canada (AA-/Positive/A-1+). In addition, Standard & Poor's affirmed its 'AA+/A-1+' short-term rating on the agency's series 2004-82B and 2004-82C bonds due to the substitution of the existing SBPA provided by Landesbank Hessen-Thueringen Girozentrale (AA/Stable/A-1) with an SBPA provided by Royal Bank of Canada. The outlook is negative. The long-term rating on the series 2004-81C, 2004-82B, and 2004-82C bonds is based on the credit strength of the parity...

Companies mentioned in this report are: Pennsylvania Hsg Fin Agy
Action: Affirmed
Action: Outlook: Negative
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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