Standard&Poor's Ratings Services has assigned its 'AA+' long-term rating to Michigan State Housing Development Authority's (MSHDA) series 2012A single-family housing revenue bonds. At the same time, Standard&Poor's affirmed its 'AA+/A-2' rating on the authority's series 2007E single-family housing revenue variable-rate bonds and its 'AA+' long-term rating on the authority's existing debt. The outlook is stable. The ratings reflect our view of: Very strong quality of the mortgage loan collateral consisting of predominantly Federal Home Administration-insured and Veterans Administration-guaranteed loans; Historical performance of mortgage loans consistent with or below Mortgage Banker Association (MBA) statistics; Sufficient reserves for Standard&Poor's forecasted loan losses at the 'AA' level; Very strong cash flow strength, with current asset liability parity
