S&P rates Puerto Rico housing bonds AA-

Standard & Poor's said it assigned an AA- rating to the Puerto Rico Housing Finance Authority's $322 million series 2008 capital fund securitization revenue bonds issued on behalf of the Puerto Rico Public Housing Administration. The outlook is stable.

The 2008 issue is subordinate to a prior 2003 capital fund financing bond issue. A portion of the 2003 CFF bonds will be defeased. The 2008 bond proceeds, along with tax credit proceeds and other resources, will partially fund the accelerated modernization of about 4,300 units in 35 properties.

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