Summary: Michigan State Housing Development Authority; Letter of Credit

Standard&Poor's Ratings Services raised its rating on Michigan State Housing Development Authority's variable-rate demand limited obligation multifamily housing revenue bonds (River Park Senior Apartment) seres 2006B to 'A+/A-1' from 'A/A-1' and removed it from CreditWatch with positive implications. This action follows Standard&Poor's upgrade of National City Bank, the letter of credit provider, to 'A+/A-1' from 'A/A-1' and subsequent removal from CreditWatch with positive implications. The long-term and short-term components of the rating are based on National City Bank.

Summary