Michigan State Housing Development Authority Single-Family Bond Program Outlook Revised To Negative - S&P Global Ratings’ Credit Research

Michigan State Housing Development Authority Single-Family Bond Program Outlook Revised To Negative

Michigan State Housing Development Authority Single-Family Bond Program Outlook Revised To Negative - S&P Global Ratings’ Credit Research
Michigan State Housing Development Authority Single-Family Bond Program Outlook Revised To Negative
Published Jul 23, 2021
2 pages (1063 words) — Published Jul 23, 2021
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

CENTENNIAL (S&P Global Ratings) July 23, 2021--S&P Global Ratings revised its outlook on the Michigan State Housing Development Authority's (MSHDA's) single-family mortgage revenue bond program to negative from stable following a deterioration in the single-family mortgage revenue bond resolution's asset-to-liability parity on an adjusted basis which incorporates S&P Global Ratings-calculated losses. "We believe it is possible that the resolution may fail to withstand losses at our 'AA+' level stress scenario in the near term," said S&P Global Ratings credit analyst Daniel Pulter. At the same time, we assigned our 'AA+' long-term rating to the 2021 series A and B single-family mortgage revenue bonds and affirmed all long- and short-term ratings on outstanding parity debt issued under the resolution.

  
Brief Excerpt:

...July 23, 2021 CENTENNIAL (S&P Global Ratings) July 23, 2021--S&P Global Ratings revised its outlook on the Michigan State Housing Development Authority's (MSHDA's) single-family mortgage revenue bond program to negative from stable following a deterioration in the single-family mortgage revenue bond resolution's asset-to-liability parity on an adjusted basis which incorporates S&P Global Ratings-calculated losses. "We believe it is possible that the resolution may fail to withstand losses at our '##+' level stress scenario in the near term," said S&P Global Ratings credit analyst Daniel Pulter. At the same time, we assigned our '##+' long-term rating to the 2021 series A and B single-family mortgage revenue bonds and affirmed all long- and short-term ratings on outstanding parity debt issued under the resolution....

  
Report Type:

Ratings Action

Issuer
Michigan St Hsg Dev Auth
Sector
Global Issuers, Public Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
Buy Now

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Michigan State Housing Development Authority Single-Family Bond Program Outlook Revised To Negative" Jul 23, 2021. Alacra Store. May 05, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Michigan-State-Housing-Development-Authority-Single-Family-Bond-Program-Outlook-Revised-To-Negative-2693909>
  
APA:
S&P Global Ratings’ Credit Research. (). Michigan State Housing Development Authority Single-Family Bond Program Outlook Revised To Negative Jul 23, 2021. New York, NY: Alacra Store. Retrieved May 05, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Michigan-State-Housing-Development-Authority-Single-Family-Bond-Program-Outlook-Revised-To-Negative-2693909>
  
US$ 150.00
$  £  €
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Credit Research from one place.