Standard&Poor's Ratings Services affirmed its 'AA' issuer credit rating (ICR) on Michigan State Housing Development Authority (MSHDA), as well as its ratings on all debt supported by the authority's general obligation (GO) pledge and the moral obligation pledge of the state of Michigan. The outlook is stable. The affirmation reflects our opinion of the authority's following credit strengths: Strong trends in financial performance; The strong quality and performance of the authority's asset portfolios; An active management team; and The success in meeting its legislative mandate and maintaining a strong and positive relationship with the state government. These strengths are offset by our opinion of the authority's following weaknesses: Significant percentage of variable-rate debt exposure; and Moderate-to-high risk profile
