Standard&Poor's Ratings Services affirmed its 'A' rating on Michigan State Housing Development Authority's (Charter Square project) series 1994 limited-obligation revenue bonds. The outlook is negative. The bonds are secured by an underlying loan collateral agreement provided by Fannie Mae. The rating reflects our view of: The sufficiency of mortgage revenues and investment earnings to pay full and timely debt service on the bonds until maturity; The very strong credit quality of the underlying loan collateral agreement from Fannie Mae, which we consider 'AA+' eligible under our rating criteria; Investments held pursuant to a guaranteed investment contract (GIC) with Societe Generale; and A 101.42% asset-to-liability ratio as of Feb. 5, 2015. The bonds are backed by a mortgage loan
