S&P Global Ratings assigned its 'AAA/A-1+' dual rating and 'AA-' underlying rating (SPUR) to the Michigan State Housing Development Authority's (MSHDA) 2025 series 1 single-family general obligation bonds, with an expected par amount of $80 million. At the same time, we affirmed our 'AA-' issuer credit rating (ICR) on the authority. The outlook, where applicable, is stable. The 2025 series 1 bonds will be issued as general obligations of the authority, secured by its full faith and credit. A direct-pay letter of credit (LOC) with Royal Bank of Canada (RBC) will additionally secure the bonds. The long-term component of the rating reflects the joint support of the LOC provided by RBC (AA-/Stable/A-1+) and the SPUR on MSHDA ICR (AA-/Stable), assuming
