S&P Global Ratings' issuer credit rating (ICR) on the Michigan State Housing Development Authority (MSHDA) is 'AA-'. The outlook is stable. An ICR reflects the obligor's general creditworthiness and its capacity and willingness to meet financial commitments when they come due. It does not apply to any specific financial obligation and does not consider the obligation's nature and provisions, bankruptcy standing, or liquidation, statutory preferences, or legality and enforceability. The rating reflects our view of the following strengths: The S&P Global Ratings-adjusted net equity position, as indicated by the authority's trailing five-year average S&P Global Ratings-adjusted net equity-to-total assets ratio of 12.6%, with evidence of sufficient resources to support debt obligations, sustain operations during economic downturns, and continue to fund
