Standard&Poor's Ratings Services lowered its ratings on Michigan State Housing Development Authority's rental housing variable-rate demand bonds series 2006A, 2006C, and 2007A to 'AA/A-1+' from 'AA+/A-1+', and removed them from CreditWatch with negative implications. Theses actions follow Standard&Poor's Nov. 30, 2011, downgrade of its rating on Assured Guaranty Municipal Corp. downgrade to 'AA-' from 'AA+', and removal from CreditWatch with negative implications (please see "Assured Guaranty Ltd. And Operating Companies Downgraded; Outlook Stable," published Nov. 30, 2011, on RatingsDirect on the Global Credit Portal). The three issues have credit support provided by Fortis Bank S.A./N.V. in the form of liquidity facilities, which provide for the full and timely payment of interest and principal according to the
