CENTENNIAL (S&P Global Ratings) Dec. 17, 2020--S&P Global Ratings lowered its issuer credit rating (ICR) on the Michigan State Housing Development Authority (MSHDA, or the authority) one notch to 'AA-' from 'AA'. The outlook is stable. "The rating action follows multiple years of modest, yet steady thinning of certain key leverage ratios as MSHDA use a bonded debt-driven growth strategy under which the expansion of its asset base and debt outstanding outpaced a commensurate strengthening in net assets," said S&P Global Ratings credit analyst Daniel Pulter. As the authority has pursued the robust expansion of its single-family loan portfolio in recent years through regular bond issuances--culminating in a reported single-family mortgage loan balance in 2020 that has grown more than
