Standard&Poor's Ratings Services assigned its 'AA' rating to Michigan State Housing Development Authority's (MSHDA) rental housing revenue bonds series 2008B and 2008E and affirmed its 'AA' underlying rating (SPUR) on MSHDA's outstanding debt under the rental housing resolution. The rating reflects MSHDA's issuer credit rating (ICR) pledge, for which Standard&Poor's maintains a 'AA' ICR. The ICR rating reflects: Very strong, consistent, and improving financial performance; Very strong quality and performance of the authority's asset portfolio; A seasoned management team, with a demonstrated track record; MSHDA's success in meeting its legislative mandate and maintaining a strong and positive relationship with the state government; and The gradual economic recovery of the state. The stable outlook reflects Standard&
