Standard&Poor's assigned its 'AA/A-1' rating to Michigan State Housing Development Authority's (MSHDA) series 2006A rental housing revenue bonds. The outlook is stable. The long-term and short-term rating components are based on our views of the following: Very strong, consistent, and improving financial performance; The asset portfolio's very strong quality and performance; A seasoned management team, with a demonstrated track record; MSHDA's success in meeting its legislative mandate and maintaining a strong, positive relationship with the state government; and The state's gradual economic recovery. The rating is also based on a substitution of the existing standby bond purchase agreement (SBPA) supported by BNP Paribas Fortis Bank with a new SBPA provided by Barclays Bank PLC. Upon the agreement's March
