Pennsylvania Housing Finance Agency's cut to AA-minus by AA from Standard & Poor's traces to more foreclosures and delinquencies, less profitability than its peers and a weakened economic base, according to the rating company.

"We did not see improvement in profitability to the point where we would like to see, "credit analyst Stephanie Morgan said in an interview Tuesday. "When we reviewed their recent fiscal numbers, we determined that the agency was more in line with the AA-minus level."

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