Standard&Poor's Ratings Services assigned its 'AA' long-term rating to Michigan State Housing Development Authority's (MSHDA) rental housing revenue bonds series 2011A, 2011B, and 2011C. At the same time, Standard&Poor's affirmed its 'AA' long-term and underlying (SPUR) ratings on MSHDA's outstanding debt under the rental housing resolution. The outlook is stable. The ratings reflect MSHDA's general obligation pledge, for which Standard&Poor's maintains an 'AA' issuer credit rating, which reflects our opinion of: 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
