Michigan State Housing Development Authority Rental Housing Revenue Bonds Assigned 'AA' Rating

SAN FRANCISCO (S&P Global Ratings) June 27, 2019--S&P Global Ratings assigned its 'AA' long-term rating to the Michigan State Housing Development Authority's (MSHDA) series 2019A-1 and 2019A-2 rental housing revenue bonds. At the same time, we affirmed our 'AA' long-term rating and underlying rating (SPUR) and our 'AA/A-1' and 'AA/A-1+' dual ratings on all debt outstanding under the authority's rental housing revenue bonds resolution, which is supported by MSHDA's general obligation (GO) pledge. The outlook is stable. "The 'AA' long-term rating reflects our view of MSHDA's strong equity base and profitability, strong quality and performance of the authority's asset portfolios, active management team, and success in meeting its legislative mandate and maintaining a strong, positive relationship with the state government,"

...June 27, 2019 SAN FRANCISCO (S&P Global Ratings) June 27, 2019--S&P Global Ratings assigned its '##' long-term rating to the Michigan State Housing Development Authority's (MSHDA) series 2019A-1 and 2019A-2 rental housing revenue bonds. At the same time, we affirmed our '##' long-term rating and underlying rating (SPUR) and our '##/A-1' and '##/A-1+' dual ratings on all debt outstanding under the authority's rental housing revenue bonds resolution, which is supported by MSHDA's general obligation (GO) pledge. The outlook is stable. "The '##' long-term rating reflects our view of MSHDA's strong equity base and profitability, strong quality and performance of the authority's asset portfolios, active management team, and success in meeting its legislative mandate and maintaining a strong, positive relationship with the state government," said S&P Global Ratings credit analyst Alan Bonilla. The authority will apply a portion of the proceeds to finance newly originated mortgage loans for the...

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