Standard&Poor's Ratings Services affirmed its 'AAA' rating on Michigan State Housing Development Authority's (Parkview Place Apartments Project) multifamily housing revenue bonds series 2002A. The bonds are secured by a Fannie Mae standby credit facility. The rating reflects our view of the following: The extremely high credit quality of the Fannie Mae standby credit facility, which we consider to be 'AAA' 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 (AAA); and An asset-to-liability ratio of 103.65%. as of June
