NEW YORK (Standard&Poor's) July 12, 2011--Standard&Poor's Ratings Services raised its rating on Michigan State Housing Development Authority's series 2009A, 2009A-1, 2009A-2, and 2010ABC single-family homeownership revenue bonds two notches to 'AAA' from 'AA'. The outlook is stable. In addition, Standard&Poor's assigned its 'AAA' rating and stable outlook to the authority's $31.64 million series 2011A, $28.36 million series 2009A-2, and $19.10 million series 2009A-3 single-family homeownership revenue bonds. "We believe the authority's financial strength, evidenced by, what we consider, strong net assets will likely be able to withstand what we view as weakening assets caused by Michigan's weak housing market," said Standard&Poor's credit analyst Mikiyon Alexander. "We also believe the authority's reserves are
