Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating on Michigan State Housing Development Authority's (MSHDA) series 2006D taxable variable-rate single-family mortgage revenue bonds. The outlook is stable. The rating reflects our view of: The authority's excellent track record for its single-family programs; The good quality of the mortgage loan collateral and historical performance over a 10-year period; The sufficient reserves for our forecast loan losses commensurate with a 'AA' rating; The cash flow strength, with a current 119% asset-to-liability parity; The strong credit quality of the investments; and The 'AA' general obligation rating on the authority, as well as its designation as a top-tier agency, both of which reflect superior managerial strength and financial resources. The variable-rate bonds
