Standard&Poor's Ratings Services has raised its long-term rating on Michigan State Housing Development Authority's rental housing revenue bonds series 1997A to 'AA' from 'A' and assigned a stable outlook. The previous rating of 'A' with a negative outlook was assigned on Dec. 19, 2008, and was based on the bond insurance that is provided by Ambac. The upgrade is based on Standard&Poor's assignment of its 'AA' underlying rating (SPUR) to the agency's bonds, which is based on the issuer credit rating (ICR), which is currently 'AA'. (For a full description of the ICR, please see the article published on Feb. 24, 2009, on RatingsDirect.) The stable outlook reflects Standard&Poor's expectation that the authority's financial
