Standard&Poor's Ratings Services assigned its 'AA' rating to both the 2015A and B Rental Housing Revenue Bonds as well as the outstanding bonds in the Rental Housing Revenue Bond Resolution of Michigan State Housing Development Authority (MSHDA). In addition, Standard&Poor's affirmed its 'AA' issuer credit rating (ICR) on MSHDA, as well as its ratings on all debt supported by the authority's general obligation (GO) pledge. Finally, Standard&Poor's lowered the short-term component of its dual rating on MSHDA's series 2006A rental housing revenue bonds to 'A-2' from 'A-1' and removed the dual rating from CreditWatch, where it was placed with negative implications on March 10, 2015. The actions involving the 2006A bonds reflect the June
