NEW YORK (Standard&Poor's) March 14, 2012--Standard&Poor's Ratings Services lowered its long-term rating on Michigan State Housing Development Authority's outstanding single-family homeownership revenue bonds to 'AA+' from 'AAA', and removed them from CreditWatch with negative implications. The outlook is stable. "The above-mentioned rating actions are based solely on the downgrade of the sovereign rating on the U.S. to 'AA+'," said Standard&Poor's credit analyst Mikiyon Alexander. The 'AA+' long-term rating reflects our view of: Economic stress scenario cash flows under various prepayment speeds, demonstrating, in our view, that there is currently sufficient loss coverage at the 'AA+' rating level; The quality of the single-family mortgage collateral; The equal and ratable pledge of all bonds under the
