S&P Global Ratings affirmed its 'AA-' issuer credit rating (ICR) on the Michigan State Housing Development Authority (MSHDA, or the authority). The outlook is stable. The rating reflects our view of the following strengths: The S&P Global Ratings-adjusted net equity position, as indicated by the authority's trailing five-year average S&P Global Ratings-adjusted net equity-to-total assets ratio of 12.8%, with evidence of sufficient resources to support debt obligations, sustain operations during economic downturns, and continue to fund programs that further the authority's mission; Strong and improving profitability, as evidenced by a return on average assets (ROA) ratio that improved year-over-year to 0.85% in 2021, with a trailing five-year average net interest margin (NIM) of 1.7%; High demand for affordable loan products
