Municipal housing bond ratings remain stable for now, but face uncertainties from pace of the economic recovery and possible legislative changes, Standard & Poor's said in a report released Thursday.

"We expect the coming 12 months to continue the trends of 2012: stable ratings with similar numbers of upgrades and downgrades for most program types, but more pressure on certain securities, such as unenhanced multifamily transactions, that have been more volatile historically," the rating agency said.

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