Summary: Michigan State Housing Development Authority; Joint Criteria

S&P Global Ratings assigned its 'AA+/A-1' dual rating to the Michigan State Housing Development Authority's (MSHDA) series 2000A and 2008A and series 2002A, 2016D, and 2018C rental housing revenue bonds. The series 2000A and 2008A bonds are being remarketed as variable-rate demand obligations (VRDOs) and will receive enhancement in the form of direct pay letters of credit (LOCs) from Barclays Bank PLC (A/A-1). The series 2002A, 2016D, and 2018C bonds are being remarketed as VRDOs and will receive enhancement in the form of LOCs from Bank of America N.A. (A+/A-1). The long-term component of the ratings reflects the joint support of the LOCs provided by Barclays Bank and Bank of America and the underlying rating (SPUR) on MSHDA (AA/Stable), the

...S&P Global Ratings assigned its '##+/A-1' dual rating to the Michigan State Housing Development Authority's (MSHDA) series 2000A and 2008A and series 2002A, 2016D, and 2018C rental housing revenue bonds. The series 2000A and 2008A bonds are being remarketed as variable-rate demand obligations (VRDOs) and will receive enhancement in the form of direct pay letters of credit (LOCs) from Barclays Bank PLC (A/A-1). The series 2002A, 2016D, and 2018C bonds are being remarketed as VRDOs and will receive enhancement in the form of LOCs from Bank of America N.A. (A+/A-1). The long-term component of the ratings reflects the joint support of the LOCs provided by Barclays Bank and Bank of America and the underlying rating (SPUR) on MSHDA (##/Stable), the obligor, assuming a low correlation level, and addresses our expectation of full and timely interest and principal payments when the bondholders have not exercised the put option. The short-term component of the ratings solely reflects our short-term...

Summary