Standard&Poor's Ratings Services affirmed its 'A' long-term rating on Michigan State Housing Development Authority's series 1994 limited obligation revenue bonds (Charter Square Project). The bonds are backed by a mortgage loan that is secured by the Fannie Mae collateral agreement, which provides credit and liquidity support by insuring timely and full mortgage payments to the trustee. The rating reflects our view of the following: Investments held pursuant to a guaranteed investment contract with Societe Generale (A); The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; The high credit quality of the Fannie Mae credit enhancement facility, which is considered to be 'AA+' eligible;
