...S&P Global Ratings assigned its '##' long-term rating to the Michigan State Housing Development Authority's (MSHDA) series 2018 A and B rental housing revenue bonds and its '##/A-1' dual rating to MSHDA's series 2018 C rental housing revenue bonds. At the same time, we affirmed our '##' underlying rating (SPUR) and our '##/A-1' and '##/A-1+' dual ratings on all debt outstanding under the authority's rental housing revenue bonds resolution, which is supported by MSHDA's general obligation (GO) pledge. The outlook is stable. The 'A-1' short-term component of the rating reflects the short-term rating on Bank of America N.A. (A+/A-1), which is providing an enhancement for the bonds in the form of a standby bond purchase agreement (SBPA). The SBPA will cover principal and 185 days' interest at a maximum 12% annual rate for the purchase price of bonds that are not successfully remarketed. The SBPA is due to expire on June 25, 2021, unless extended or terminated beforehand. The '##' long-term...
