The 'AAA' rating on Michigan State Housing Development Authority's limited obligation multifamily mortgage revenue refunding bonds series 1998A, issued for the Cedar Lake Project, has been affirmed. The bonds are secured by a Fannie Mae mortgage pass-through certificate. The rating continues to reflect our view: The sufficiency of the revenues from the mortgage pass-through certificate and investment earnings to pay full and timely debt service on the bonds until maturity; Investments held with 'AAAm' rated providers; and An asset-to-liability ratio of 100.76% as of March 2, 2009. The rating reflects our view of the strong credit quality of the assets and credit support underlying the issue. The assets consist of a Fannie Mae guaranteed mortgage pass-through certificate, which is 'AAA'
