...SAN FRANCISCO (S&P Global Ratings) May 23, 2018--S&P Global Ratings assigned its '##' long-term rating to the Michigan State Housing Development Authority's (MSHDA) series 2018 A and B rental housing revenue bonds and its '##/A-1' dual rating to MSHDA's series 2018 C rental housing revenue bonds. At the same time, we affirmed our '##' 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 strong profitability, strong quality and performance of 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 expects to apply a portion of the proceeds to finance newly...
