Standard&Poor's Rating Services affirmed its 'AA/A-1' rating on Michigan State Housing Development Authority's (MSHDA) rental housing revenue bonds, series 2002B, 2008C, and 2008D. We also affirmed our 'AA' underlying rating (SPUR) on MSHDA's debt outstanding under the rental housing resolution. The long-term rating reflects MSHDA's GO pledge, for which Standard&Poor's maintains a 'AA' issuer credit rating (ICR) while the short-term rating reflects the rating of a standby bond purchase agreement (SBPA) for each series from Landesbank Hessen-Thueringen Girozentrale (HELBA) 'A/A-1'. It is anticipated that both of the current SBPAs will be replaced by a substitute SBPA provided by The Bank of Tokyo-Mitsubishi UFJ Ltd. (A+/A-1) on the effective date of Aug. 25, 2011. At that time,
