Standard&Poor's Ratings Services assigned its 'AA' rating to Michigan State Housing Development Authority's (MSHDA) rental housing revenue bonds, series 2009 A and B bonds and affirmed its 'AA' underlying rating (SPUR) on MSHDA's outstanding debt under the rental housing resolution. The rating reflects MSHDA's general obligation (GO) pledge, for which Standard&Poor's maintains a 'AA' issuer credit rating (ICR) and which reflects: Very strong, consistent, and improving financial performance; Very strong quality and performance of the authority's asset portfolio; A seasoned management team, with a demonstrated track record; MSHDA's success in meeting its legislative mandate and maintaining a strong and positive relationship with the state government; and The gradual economic recovery of the state. MSHDA is issuing
