S&P Global Ratings assigned its 'AA+/A-1' long-term rating and 'AA' underlying rating (SPUR) to the Michigan State Housing Development Authority's (MSHDA's) 2022 series B rental housing revenue bonds (non-AMT). The outlook, where applicable, is stable. The long-term component of the rating reflects the joint support of the letter of credit (LOC) provided by Bank of America, N.A. (A+/Positive/A-1) and the SPUR on MSHDA's rental housing revenue bond resolution (AA/Stable), 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 rating solely reflects our short-term rating on Bank of America and addresses our expectation of full and timely interest and
