March 28, 2019 2019-ZF2804 Michigan State Housing Development Authority's series 2018A rental housing revenue bonds (offered fixed-rate bonds) (nonalternative-minimum tax) Barclays Bank PLC FMSbonds Inc. Barclays Capital Inc. S&P Global Ratings assigned the above-mentioned ratings to the floater and residual receipts (collectively the receipts), reflecting its opinion of the likelihood the trust will have sufficient assets to pay timely interest and full principal when due on the receipts. Trust assets include all distributions of principal; interest; and premiums, if any, from the underlying securities and the liquidity facility, which is in place to support tender payments on the floaters. The long-term component of our rating on the floaters reflects the ratings on the underlying securities and addresses full and timely
