Summary: Michigan State Housing Development Authority; General Obligation

S&P Global Ratings affirmed its 'AA/A-1' rating on Michigan State Housing Development Authority's (MSHDA) rental housing revenue bonds, series 2008 C and D bonds. The long-term component of the rating reflects MSHDA's GO pledge, which holds our 'AA' issuer credit rating, and the short-term component of the rating reflects the rating on the authority's new standby bond purchase agreement (SBPA) with PNC Bank N.A. PNC Bank N.A., will replace MUFG Bank Ltd. as the new liquidity provider effective July 25, 2019. The new SBPA will cover the purchase price of unremarketed tendered bonds, including up to 34 days interest for the bonds at an interest rate of 14% annually. The new Standby-SBPA for the bonds is scheduled to terminate on

...S&P Global Ratings affirmed its '##/A-1' rating on Michigan State Housing Development Authority's (MSHDA) rental housing revenue bonds, series 2008 C and D bonds. The long-term component of the rating reflects MSHDA's GO pledge, which holds our '##' issuer credit rating, and the short-term component of the rating reflects the rating on the authority's new standby bond purchase agreement (SBPA) with PNC Bank N.A. PNC Bank N.A., will replace MUFG Bank Ltd. as the new liquidity provider effective July 25, 2019. The new SBPA will cover the purchase price of unremarketed tendered bonds, including up to 34 days interest for the bonds at an interest rate of 14% annually. The new Standby-SBPA for the bonds is scheduled to terminate on July 25, 2022. At that time, we will remove the short-term component of the bond rating if the if the Standby-SBPA is not replaced or extended. The new SBPA will only enhance the bonds in the weekly interest-bearing rate mode (the covered mode); The Standby-SBPA provider's...

Summary