Standard&Poor's Rating Services affirmed its 'AA+/A-2' rating on Michigan State Housing Development Authority's (MSHDA) rental housing revenue bonds series 2005A bonds. At the same time, Standard&Poor's affirmed its 'AA' underlying rating (SPUR) on MSHDA's outstanding debt under the rental housing resolution. The long-term component of the rating on series 2005A is based on the rating on Assured Guaranty (AA+/Watch Neg) who provides bond insurance for the issue. The short-term component of the rating on series 2005a is based on the rating on a standby bond purchase agreement (SBPA) provided by Depfa Bank PLC (BBB/A-2). It is anticipated that both of the current SBPAs will be replaced by a substitute SBPA provided by The Bank of Tokyo-Mitsubishi
