...S&P Global Ratings assigned its '##' long-term rating to the Michigan State Housing Development Authority's (MSHDA) 2020 series A-1, A-2, and B rental housing revenue bonds. At the same time, we affirmed all long-term, underlying (SPUR), and dual ratings on the authority's rental housing general resolution. The outlook, where applicable, is stable. According to preliminary transaction documents, the 2020 series A and B bonds (the bonds) will be issued with total a par amount of $151.94 million and will bear interest at fixed rates as detailed in the official statement. Interest on the bonds will be payable on each April 1 and Oct. 1, starting on April 1, 2021. Proceeds of the bonds are expected to be used to provide the authority with funds to finance or purchase multi-family mortgage loans, to refund the authority's 2010 series A bonds, to make a deposit to the capital reserve fund (unless the authority obtains and pledges a reserve cash equivalent for such purpose), and to pay costs of...
