Standard&Poor's Ratings Services has assigned its 'AA' long-term rating to Michigan State Housing Development Authority's (MSHDA) rental housing revenue bonds series 2012D and 2012E. At the same time, Standard&Poor's affirmed its 'AA' long-term and underlying (SPUR) ratings on MSHDA's existing debt under the rental housing resolution. Furthermore, Standard&Poor's affirmed its 'AA/A-1+' rating on series 2007C, based on an expected liquidity facility substitution. The outlook is stable. The rating reflects MSHDA's general obligation (GO) pledge, for which Standard&Poor's maintains an 'AA' issuer credit rating (ICR), reflecting our view of the following: The very strong, consistent, and improving financial performance; The very strong quality and performance of the authority's asset portfolio; The seasoned management
