...S&P Global Ratings has affirmed its '##' issuer credit rating (ICR) on the Michigan State Housing Development Authority (MSHDA), as well as its ratings on all debt supported by the authority's general obligation (GO) pledge. The outlook is stable. The ratings and ICR reflect our view of the authority's: + Strong and growing equity base; + Very strong performance of asset portfolios; + Active management team; and + Success in meeting its legislative mandate and maintaining a strong, positive relationship with the state government. Partially offsetting these strengths, in our opinion, are the MSHDA's: + Significant percentage of variable-rate debt exposure; and + Moderate-to-high-risk profile of the multifamily loan portfolio, primarily consisting of unsubsidized and construction-oriented loans. The authority's equity position (adjusted for unrealized fair value) stood at $744.8 million in fiscal 2017, representing 21.7% of total assets--MSHDA's highest total-equity-over-assets ratio in approximately...
