...March 20, 2025 ENGLEWOOD (S&P Global Ratings) March 20, 2025--S&P Global Ratings assigned its '##+' long-term rating to the Michigan State Housing Development Authority's (MSHDA) $476.7 million 2025 series A and B single-family mortgage revenue bonds (SFMRBs). At the same time, we affirmed our '##+' long-term rating and various dual ratings ('##+/A-1+' and '##+/A-1') on bonds outstanding within the SFMRB resolution. The outlook, where applicable, is stable. All bonds issued under the SFMRB general resolution, including the planned series 2025A and B bonds, are general obligations of MSHDA. The authority has no taxing power, but its full faith and credit are pledged to the payment of the interest on and the principal or redemption price of the bonds. In addition, pledged property, as defined in transaction documents, generally includes revenues, assets, and money held under the resolution and is available to pay debt service on a parity basis with all other obligations under the resolution....
