Standard&Poor's Ratings Services affirmed its 'AA+/A-1+' rating on Michigan State Housing Development Authority's multifamily mortgage revenue bonds, series 1998A (Canton Club East Apartments Project). The bonds are backed by a mortgage loan that is secured by a Fannie Mae collateral agreement. The 'AA+' rating reflects our view of the likelihood bondholders will receive payments of debt service. The 'A-1+' rating reflects our view of the likelihood of payment for ongoing optional and mandatory tenders. The outlook is negative. The ratings also reflect our view of: The very strong credit quality of the Fannie Mae collateral agreement, which is considered to be AA+ eligible; The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full
