Summary: Michigan State Housing Development Authority; General Obligation; Joint Criteria; Multifamily Whole Loan

S&P Global Ratings assigned its 'AA/A-1' dual rating to the Michigan State Housing Development Authority (MSHDA)'s $23.7 million 2016 series E rental housing revenue bonds. At the same time, we affirmed all long-term and dual ratings outstanding within the rental housing revenue bond general resolution. The outlook is stable. The long-term component of the rating reflects our view of MSHDA's general resolution. For more information on the long-term rating on the Rental Housing Revenue Bond Resolution, see our analysis, published May 19, 2021, on RatingsDirect. The short-term component of the rating reflects our assessment of the standby bond purchase agreement (SBPA) provided by UBS AG acting through its Stamford Branch. The SBPA has an effective date of Oct. 1, 2021,

...S&P Global Ratings assigned its '##/A-1' dual rating to the Michigan State Housing Development Authority (MSHDA)'s $23.7 million 2016 series E rental housing revenue bonds. At the same time, we affirmed all long-term and dual ratings outstanding within the rental housing revenue bond general resolution. The outlook is stable. The long-term component of the rating reflects our view of MSHDA's general resolution. For more information on the long-term rating on the Rental Housing Revenue Bond Resolution, see our analysis, published May 19, 2021, on RatingsDirect. The short-term component of the rating reflects our assessment of the standby bond purchase agreement (SBPA) provided by UBS AG acting through its Stamford Branch. The SBPA has an effective date of Oct. 1, 2021, and it provides principal coverage and 185 days' interest at a maximum annual rate of 12% for the purchase price of bonds not successfully remarketed. The SBPAs provide bond coverage during the weekly and daily rate mode (the...

Summary