...NEW YORK (Standard & Poor's) March 9, 2016--Standard & Poor's Ratings Services assigned its '##+' rating to Michigan State Housing Development Authority's (MSHDA's) series 2016A single-family mortgage revenue bonds. At the same time, Standard & Poor's 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. "We view the very strong credit quality of the mortgage loan collateral as a key factor supporting the ratings," said Standard & Poor's credit analyst Mikiyon Alexander. The collateral consists primarily of Federal Housing Administration-insured and Veterans Administration-guaranteed loans. The '##+' rating also reflects our view of: + The mortgage loans' historical performance, either consistent with or below Mortgage Bankers Assn. averages; + Sufficient reserves for our forecast loan losses, commensurate with the '##' rating category; + Very strong cash flow strength, with...
