Standard&Poor's Ratings Services assigned its 'AA' rating to Michigan State Housing Development Authority's (MSHDA) series 2014A revenue bonds. At the same time, Standard&Poor's affirmed its 'AA' and 'AA/A-1' debt ratings on all issues supported by MSHDA's general obligation pledge and Michigan's moral obligation pledge. The outlook on all issues is stable. The ratings reflect our view of these credit strengths: The authority's improving financial performance, The strong asset quality and performance, An active management team, and The authority's success in meeting its legislative mandate and maintaining a strong and positive relationship with the state government. The aforementioned strengths are offset by our view of these weaknesses: The authority's significant percentage of variable-rate debt exposure; and The
