S&P Global Ratings assigned its 'AA+' long-term rating to the Michigan State Housing Development Authority's (MSHDA) $476.7 million 2025 series A and B single-family mortgage revenue bonds (SFMRBs). At the same time, we affirmed our 'AA+' long-term rating and various dual ratings ('AA+/A-1+' and 'AA+/A-1') on bonds outstanding within the SFMRB resolution. The outlook, where applicable, is stable. All bonds issued under the SFMRB general resolution, including the planned series 2025A and B bonds, are general obligations of MSHDA. The authority has no taxing power, but its full faith and credit are pledged to the payment of the interest on and the principal or redemption price of the bonds. In addition, pledged property, as defined in transaction documents, generally includes
