Standard&Poor's Ratings Services affirmed its 'AAA/A-1+' rating on Michigan State Housing Development Authority's (Canton Club Apartments Project) multifamily mortgage revenue bonds series 1998A and 1998B. The bonds are backed by a mortgage loan that is secured by a Fannie Mae collateral agreement. The 'AAA' long-term component of the rating reflects our opinion of the likelihood bondholders will receive payments of debt service. The 'A-1+' short-term component of the rating reflects our opinion of the likelihood of payment for ongoing optional and mandatory tenders. Other rating factors include our opinion of: The extremely high credit quality of the Fannie Mae collateral agreement, which we consider to be 'AAA' eligible; The sufficiency of revenues from mortgage debt service payments and
