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) 2022 series A single-family mortgage revenue bonds. At the same time, we affirmed all long- and short-term ratings on parity debt outstanding issued under the resolution. The outlook is negative. Concurrent with the series A bonds, the authority will issue 2022 series B and series C bonds as variable-rate obligations, each receiving enhancement in the form of direct-pay letters of credit issued by Barclays Bank PLC, which we will rate separately. According to preliminary transaction documents, the 2022 series A, B, and C bond proceeds will be used to help originate new single-family loans and down payment assistance loans and to pay off certain

...S&P Global Ratings assigned its '##+' long-term rating to the Michigan State Housing Development Authority's (MSHDA's) 2022 series A single-family mortgage revenue bonds. At the same time, we affirmed all long- and short-term ratings on parity debt outstanding issued under the resolution. The outlook is negative. Concurrent with the series A bonds, the authority will issue 2022 series B and series C bonds as variable-rate obligations, each receiving enhancement in the form of direct-pay letters of credit issued by Barclays Bank PLC, which we will rate separately. According to preliminary transaction documents, the 2022 series A, B, and C bond proceeds will be used to help originate new single-family loans and down payment assistance loans and to pay off certain borrowing facilities used for such purposes, refund the 2017 series A bonds outstanding, make a deposit to the capital reserve fund, if necessary, and pay costs of issuance. MSHDA's general obligation (GO) pledge secures the bonds,...

Summary