Summary: Michigan State Housing Development Authority; General Obligation; Single Family Whole Loan

S&P Global Ratings has affirmed its 'AA' issuer credit rating (ICR) on the Michigan State Housing Development Authority (MSHDA), as well as its ratings on all debt supported by the authority's general obligation (GO) pledge. The outlook is stable. The ratings and ICR reflect our view of the authority's: Strong and growing equity base; Very strong performance of asset portfolios; Active management team; and Success in meeting its legislative mandate and maintaining a strong, positive relationship with the state government. Partially offsetting these strengths, in our opinion, are the MSHDA's: Significant percentage of variable-rate debt exposure; and Moderate-to-high-risk profile of the multifamily loan portfolio, primarily consisting of unsubsidized and construction-oriented loans. The authority's equity position (adjusted for unrealized fair value)

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