Michigan State Housing Development Authority's Rental Housing Revenue Bonds Rated 'AA'

CENTENNIAL (S&P Global Ratings) Sept. 30, 2020--S&P Global Ratings assigned its 'AA' long-term rating to the Michigan State Housing Development Authority's (MSHDA) 2020 series A-1, A-2, 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. According to preliminary transaction documents, the 2020 series A and B bonds (the bonds) will be issued with total a par amount of $151.94 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 April 1, 2021. Proceeds of the bonds are

...September 30, 2020 CENTENNIAL (S&P Global Ratings) Sept. 30, 2020--S&P Global Ratings assigned its '##' long-term rating to the Michigan State Housing Development Authority's (MSHDA) 2020 series A-1, A-2, 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. According to preliminary transaction documents, the 2020 series A and B bonds (the bonds) will be issued with total a par amount of $151.94 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 April 1, 2021. Proceeds of the bonds are expected to be used to provide the authority with funds to finance or purchase multifamily mortgage loans, to refund the authority's 2010 series A bonds, to make a deposit to the capital reserve fund (unless the authority obtains and pledges...

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