Standard&Poor's Ratings Services assigned its 'AA/A-1' rating to Michigan State Housing Development Authority's series 2006C rental housing revenue bonds. The outlook is stable. The ratings were assigned in connection with the remarketing of the bonds following the substitution of the standby bond purchase agreement (SBPA) provided by BNP Paribas Fortis SA/NV, with one provided by Bank of America N.A., and the termination of the portion of an existing bond insurance policy relating to the series 2006C bonds provided by Assured Guaranty Municipal Corp. The portion of the insurance policy relating to Michigan State Housing Development Authority's series 2006D rental housing revenue bonds will remain in place. The long-term component of our rating on the bonds reflects the the
