...SAN FRANCISCO (S&P Global Ratings) March 6, 2019--S&P Global Ratings assigned its '##+' long-term rating to the Michigan State Housing Development Authority' s (MSHDA's) series 2019A single-family mortgage revenue bonds. In addition, MSHDA plans to issue series 2019B variable-rate single-family mortgage revenue bonds, secured by a liquidity facility from Royal Bank of Canada, which we will rate separately from this transaction. At the same time, S&P Global Ratings affirmed its '##+', '##+/A-1+', '##+/A-1', and '##+/A-2' ratings on all parity debt issued under the authority's mortgage revenue bond program. The outlook is stable. "The '##+' rating reflects our view of such factors as the very strong credit quality of the mortgage loan collateral, the mortgage loans' historical performance, sufficient reserves for our forecast loan losses, and very strong cash flow," said S&P Global Ratings credit analyst Alan Bonilla. The bond proceeds will be used to help originate new single-family loans...
