Standard&Poor's Ratings Services assigned its 'AA/A-1+' ratings to Michigan State Housing Development Authority's (MSHDA) rental housing revenue bonds series 2008A, 2008C, and 2008D and affirmed its 'AA' underlying rating (SPUR) on MSHDA's outstanding debt under the rental housing resolution. The long-term component of the rating reflects MSHDA's issuer credit rating (ICR) pledge, for which Standard&Poor's maintains a 'AA' ICR, while the short-term component of the rating reflects the standby bond purchase agreements (SBPAs) for each series as followed: JPMorgan Chase Bank 'AA/A-1+' for the 2008A variable-rate demand obligation bonds; and Landesbank Hessen-Thuringen Girozentrale (HELBA) Guaranteed 'AA/A-1+' for the series 2008C and 2008D variable-rate demand obligation bonds. The SBPA provided by JPMorgan Chase Bank has an expiration
