Standard&Poor's Ratings Services affirmed its 'A' rating on Michigan State Housing Development Authority's limited-obligation revenue bonds, series 1994, issued for Green Hill Project, based on the guaranteed investment contract with Societe Generale (A/A-1/Stable). The rating reflects our view of: The holding of the surplus reserve account and mortgage reserve account in a guaranteed investment contract with Societe Generale; The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; The very strong quality of the underlying loan collateral agreement provided by Fannie Mae, which we consider to be 'AA+' eligible; and An asset-to-liability ratio of 101.22% as of Feb. 16, 2012. The bonds are backed
