S&P Global Ratings assigned its 'AA' long-term rating to the Michigan State Housing Development Authority's (MSHDA) 2022 series A rental housing revenue bonds. At the same time, we affirmed all long-term, underlying (SPUR), and dual ratings on the authority's rental housing general resolution. The outlook, where applicable, is stable. The authority will also issue 2022 series B bonds, expected to total $80 million, as variable-rate obligations and it will receive enhancement in the form of a direct-pay letter of credit, issued by Bank of America N.A., which we will rate separately. According to preliminary transaction documents, the 2022 series A and B bonds will be issued with a total par amount of $215 million, and they will be secured on
