SAN FRANCISCO (S&P Global Ratings) May 22, 2020--S&P Global Ratings assigned its 'AA+' long-term rating to the Michigan State Housing Development Authority's (MSHDA's) series 2020AB single-family mortgage revenue bonds. At the same time, S&P Global Ratings affirmed its 'AA+', 'AA+/A-1+', 'AA+/A-1', and 'AA+/A-2' ratings on all parity debt issued under the authority's mortgage revenue bond program. The outlook is stable. The bond proceeds will be used to help originate new single-family loans, home improvement loans, and potential down payment assistance loans throughout the State of Michigan. "The 'AA+' rating reflects our view of the strong credit quality of the mortgage loan collateral, sufficient reserves for our forecast loan losses, strong cash flow strength, the investments' strong credit quality, and the
