Standard&Poor's Ratings Services assigned its 'AA' long-term rating to Michigan State Housing Development Authority's 's (MSHDA) rental housing revenue bonds series 2012 A, 2012B, and 2012C. 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 rating reflects MSHDA's GO pledge, for which Standard&Poor's maintains a 'AA' issuer credit rating (ICR), reflecting our view of: The authority's 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
