Standard&Poor's Ratings Services raised its rating on Michigan State Housing Development Authority's series 2007E single-family housing revenue variable-rate bonds to 'AA+/A-1' from , based on the substitution of the standby bond purchase agreement provided by KBC Bank N.V. (A-/A-2) that occurred on July 2, 2012. The substitute SBPA is provided by Bank of Tokyo Mitsubishi -UFJ. Ltd. (A+/A-1). The variable-rate bonds can be converted by the authority to bear interest at the fixed rate mode, at which point the bonds will be subject to mandatory tender and the SBPA will terminate. The resolution is backed by the general obligation pledge (AA/Stable) of the authority, last reviewed December 2011. The stable outlook reflects our expectation that the authority will
