Standard&Poor's Rating Services revised its rating on Michigan State Housing Development Authority's (MSHDA) rental housing revenue bonds series 2005A to 'AA/A-1' from AA+/A-2. At the same time, Standard&Poor's affirmed its 'AA' underlying rating (SPUR) on MSHDA's outstanding debt under the rental housing resolution. The long-term component of the rating reflects MSHDA's general obligation pledge, for which we maintain an 'AA' issuer credit rating on. The short-term component of the rating reflects the standby bond purchase agreement for provided by Bank of Tokyo-Mitsubishi UFJ Ltd. (A+/A-1). The stable outlook reflects our expectation that the authority will continue to demonstrate financial strength, as evidenced by increasing profitability and fund balances through prudent management. Although unlikely, extreme circumstances such
