The 'AA' issuer credit rating (ICR) on Michigan State Housing Development Authority (MSHDA), as well as the 'AA' rating on the authority's debt supported by its GO pledge and the moral obligation pledge of the state of Michigan, reflect: Very strong and consistent financial performance; The strong quality and performance of the authority's asset portfolio; A stable and active management team; and The authority's success in meeting its legislative mandate and maintaining a strong and positive relationship with state government. In fiscal 2005, MSHDA maintained a stable asset base, despite high single-family loan prepayments, as the reduction in single-family loans was offset by the production of multifamily loans. Equity rose to nearly 26% of total assets due both to slight
