...S&P Global Ratings assigned its '##+/A-1+' rating to the Michigan State Housing Development Authority's single-family mortgage revenue bonds series 2019B. The outlook is stable. The series 2019B bonds are being issued as variable-rate demand obligations and will receive liquidity support in the form of a standby-bond purchase agreement (SBPA) from Royal Bank of Canada, acting through its New York branch. The long-term component of the ratings reflects the authority's credit characteristics. The short-term component of the rating reflects our assessment of the SBPA provided by Royal Bank of Canada, acting through its New York branch. The SBPA will cover principal and 185 days' interest at a maximum 12% annual rate for the purchase price of bonds that are not successfully remarketed during the weekly interest-rate mode (covered mode). While the holders have the ability to put the bonds with seven days' notice, this right will be suspended if the bonds have been otherwise called for mandatory...
