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) series 2016C rental housing revenue bonds. The outlook on the long-term rating is stable. The rating action reflects our opinion of the Feb. 22, 2023, replacement of the existing standby bond purchase agreement (SBPA) provided by Royal Bank of Canada with a new SBPA provided by TD Bank N.A. The long-term component of the rating will continue to reflect our view of MSHDA's rental housing revenue bond resolution. The short-term component of the rating reflects our assessment of the new SBPA provided by TD Bank N.A. The new SBPA covers principal and 187 days' interest at a maximum 12% annual rate for the purchase price of

...S&P Global Ratings affirmed its '##+/A-1+' rating on Michigan State Housing Development Authority's (MSHDA) series 2016C rental housing revenue bonds. The outlook on the long-term rating is stable. The rating action reflects our opinion of the Feb. 22, 2023, replacement of the existing standby bond purchase agreement (SBPA) provided by Royal Bank of Canada with a new SBPA provided by TD Bank N.A. The long-term component of the rating will continue to reflect our view of MSHDA's rental housing revenue bond resolution. The short-term component of the rating reflects our assessment of the new SBPA provided by TD Bank N.A. The new SBPA covers principal and 187 days' interest at a maximum 12% annual rate for the purchase price of bonds not successfully remarketed. The SBPA covers bonds in the weekly interest-rate mode. The SBPA expires on April 21, 2028, at which time we will remove the short-term component of the rating unless the SBPA is extended, replaced, or terminated beforehand according...

Summary