...S&P Global Ratings assigned its '##' rating to Michigan State Housing Development Authority's (MSHDA) series 2016 A, B, and E rental housing revenue bonds; its '##/A-2' rating to the authority's 2016 C rental housing revenue bonds; and its '##/A-1' rating to the authority's 2016 D rental housing revenue bonds. At the same time, we affirmed our '##' rating on all outstanding debt under the authority's Rental Housing Revenue Bonds resolution, which are supported by MSHDA's general obligation (GO) pledge. The outlook on all ratings is stable. The 2016C and 2016D bonds are being issued as variable-rate demand obligations. The 'A-2' short-term component of the rating on the 2016 series C bonds and the 'A-1' short-term component of the rating on the 2016 series D bonds reflect the short-term ratings on Barclays Bank PLC ('A-2') and Bank of America N.A. ('A-1'), respectively, which provide liquidity enhancement for the bonds in the form of standby bond purchase agreements (SBPAs). The SBPAs will...
