Standard&Poor's Ratings Services affirmed its 'AA+' rating on Michigan State Housing Development Authority's multifamily housing revenue bonds (Parkview Place Apartments Project), series 2002A. The bonds are secured by a Fannie Mae standby credit facility. The outlook is negative. The rating reflects our view of: The very strong credit quality of the Fannie Mae standby credit facility, which we consider to be 'AA+' eligible under our rating criteria; The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; Investments held pursuant to a guaranteed investment contract with IXIS Funding Corp., guaranteed by Caisse des Depots et Consignations (AA+/Negative), which is very strong, in our opinion;
