Michigan State Housing Development Authority's 2021 Series A And B Bonds Rated 'AA'

CENTENNIAL (S&P Global Ratings) May 19, 2021--S&P Global Ratings assigned its 'AA' long-term rating to the Michigan State Housing Development Authority's (MSHDA) 2021 series A and B rental housing revenue bonds. At the same time, we affirmed all long-term, underlying (SPUR), and dual ratings on the authority's rental housing general resolution. The outlook, where applicable, is stable. "The rating reflects our analysis of both revenue streams according to our criteria 'Methodology: Rating Approach To Obligations With Multiple Revenue Streams,'" said S&P Global Ratings credit analyst Daniel Pulter. According to preliminary transaction documents, the 2021 series A and B bonds (the bonds) will be issued with total a par amount of $379.56 million and will bear interest at fixed rates as

...May 19, 2021 CENTENNIAL (S&P Global Ratings) May 19, 2021--S&P Global Ratings assigned its '##' long-term rating to the Michigan State Housing Development Authority's (MSHDA) 2021 series A and B rental housing revenue bonds. At the same time, we affirmed all long-term, underlying (SPUR), and dual ratings on the authority's rental housing general resolution. The outlook, where applicable, is stable. "The rating reflects our analysis of both revenue streams according to our criteria 'Methodology: Rating Approach To Obligations With Multiple Revenue Streams,'" said S&P Global Ratings credit analyst Daniel Pulter. According to preliminary transaction documents, the 2021 series A and B bonds (the bonds) will be issued with total a par amount of $379.56 million and will bear interest at fixed rates as detailed in the official statement. Interest on the bonds will be payable on each April 1 and Oct. 1, starting on Oct. 1, 2021. Proceeds of the bonds are expected to be used to provide the authority...

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