The affirmed 'AAA' rating on the Michigan State Housing Development Authority's series 2003A bonds, issued for the Brainerd Street Apartments Project, reflects: An extension of the Ginnie Mae permanent loan certificate (PLC) delivery date to Feb. 29, 2008 from May 31, 2007 and an extension of the Ginnie Mae construction loan certificates (CLCs) maturity date to Mar. 15, 2008 from June 15, 2007; and Updated stress cash flow scenarios demonstrating sufficient assets and revenues to pay full and timely debt service on the bonds plus expenses until final bond maturity. Ginnie Mae securities are backed by the full faith and credit of the U.S. government, and therefore qualify as 'AAA' eligible under Standard&Poor's Ratings Services' rating criteria. The
