NEW YORK (Standard&Poor's) Dec. 22, 2009--Standard&Poor's Ratings Services assigned its 'AA' long-term rating, with a stable outlook, to Michigan State Housing Development Authority's (MSHDA) New Issue Bond Program (NIPB) series 2009A. The bonds issued under the general resolution are general obligations of the Housing Development Fund for which its full faith and credit is pledged. The rating reflects our opinion of the general obligation pledge of MSHDA, and investments commensurate with the rating on the bonds. "We expect the authority's financial strength, as evidenced by strong net assets, will be able to withstand, in our opinion, weakening assets caused by the weak housing market in Michigan," said Standard&Poor's credit analyst Mikiyon Alexander. The 2009A
