Summary: Michigan State Housing Development Authority; Joint Criteria

S&P Global Ratings assigned its 'AA+/A-1' long-term rating and 'AA+' underlying rating (SPUR), with a negative outlook, to the Michigan State Housing Development Authority's (MSHDA) 2022 series B (non-AMT) and 2022 series C (federally taxable) single-family mortgage revenue bonds. The long-term component of the rating reflects the joint support of the letter of credit (LOC) provided by Barclays Bank PLC (A/A-1/Positive) and our 'AA+' SPUR on MSHDA's single family resolution, assuming a low correlation level, and the 'AA+' rating 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 Barclays Bank PLC and it addresses our expectation of

...providing seven days' notice to the trustee, tender agent, and remarketing agent. The bonds are subject to mandatory tender before conversion to any other mode. The LOC provides credit and liquidity coverage for all optional and mandatory redemptions and tenders. The bond transaction terms permit facility substitution, although this requires a mandatory tender. The LOC will expire on June 22, 2026, unless terminated or extended beforehand. Upon expiration, unless the LOC is extended or an alternate LOC delivered, we will withdraw the rating. In view of the transactions' structures, changes to our ratings on the bonds during the covered modes can result from, among other things, changes to our ratings on the LOC providers or obligor, revisions to our correlation assumptions, the expiration, replacement or termination of the LOC, or amendments to the transaction terms....

Summary