Standard&Poor's Ratings Services' 'A+/A-1' rating on the Michigan State Housing Development Authority's variable rate demand limited obligation multifamily housing bonds series 2006B, issued on behalf of River Park Village Senior Apartments Limited Dividend Housing Association Limited Partnership, reflects a direct pay letter of credit (LOC) from National City Bank (A+/A-1). National City Bank's outlook is positive. The LOC will cover 45 days of interest at the maximum rate of 12%. The LOC will expire on Dec. 15, 2008, or in the event that there are no bonds outstanding, upon substitution of LOC, conversion of the bonds to a fixed-rate mode, or 15 days following notice of default under the reimbursement agreement. The bank has the ability to cause
