Standard&Poor's Ratings Services has affirmed its 'AA+/A-1+' long-term rating on Michigan State Housing Development Authority's series 1998A limited obligation multifamily mortgage adjustable rate bonds, issued for the Canton Club East Apartments Project. On June 18, we revised the outlook to stable from negative. The outlook revision was based on Standard&Poor's June 10, 2013, outlook revision on its long-term unsolicited sovereign credit rating on the United States of America to stable from negative. (See "United States of America 'AA+/A-1+' Ratings Affirmed; Outlook Revised To Stable On Receding Fiscal Risks", published June 10, 2013, on RatingsDirect.) The bonds are backed by a mortgage loan that is secured by a Fannie Mae collateral agreement. The 'AA+' long-term component of
