Summary: Michigan State Housing Development Authority; Multifamily Whole Loan; Single Family Whole Loan

S&P Global Ratings assigned its 'AA+' long-term rating to the Michigan State Housing Development Authority's (MSHDA's) series 2019A single-family mortgage revenue bonds. At the same time, S&P Global Ratings affirmed its 'AA+', 'AA+/A-1+', 'AA+/A-1', and 'AA+/A-2' ratings on all parity debt issued under the authority's mortgage revenue bond program. The outlook is stable. The 'AA+' rating reflects our view of: The very strong credit quality of the mortgage loan collateral, consisting primarily of Federal Housing Administration (FHA)-insured and Veterans Administration (VA)-guaranteed loans; The mortgage loans' historical performance, either consistent with or below Mortgage Bankers Assn. averages; Sufficient reserves for our forecast loan losses, commensurate with the 'AA' rating category; Very strong cash flow strength, with an opening 111.23% asset-to-liability parity;

...S&P Global Ratings assigned its '##+' long-term rating to the Michigan State Housing Development Authority's (MSHDA's) series 2019A single-family mortgage revenue bonds. At the same time, S&P Global Ratings affirmed its '##+', '##+/A-1+', '##+/A-1', and '##+/A-2' ratings on all parity debt issued under the authority's mortgage revenue bond program. The outlook is stable. The '##+' rating reflects our view of: + The very strong credit quality of the mortgage loan collateral, consisting primarily of Federal Housing Administration (FHA)-insured and Veterans Administration (VA)-guaranteed loans; + The mortgage loans' historical performance, either consistent with or below Mortgage Bankers Assn. averages; + Sufficient reserves for our forecast loan losses, commensurate with the '##' rating category; + Very strong cash flow strength, with an opening 111.23% asset-to-liability parity; + The investments' strong credit quality; and + Credit support provided by the '##' general obligation (GO) rating...

Summary