Summary: Michigan State Housing Development Authority; Single Family Whole Loan

Standard&Poor's Ratings Services affirmed its 'A-1' short-term rating component of its 'AA+/A-1' dual rating on Michigan State Housing Development Authority's (MSHDA) series 2007F single-family mortgage revenue bonds. The outlook is stable. The affirmation follows our review of documents related to an upcoming substitution of a standby bond purchase agreement (SBPA) currently provided by PNC Bank N.A. with a new SBPA from Bank of America N.A. The long-term component of the rating reflects our view of MSHDA's single-family mortgage revenue bond resolution (general resolution). The short-term component of the rating reflects our assessment of the SBPA provided by PNC Bank. As of the substitution date, currently expected on Nov. 18, 2015, the long-term component of the rating will continue

...USPF Criteria: Standby Bond Purchase Agreement Automatic Termination Events, April 11, 2008 In addition to the criteria specific to this type of security (listed above), the following criteria articles, which are generally applicable to all ratings, may have affected this rating action "Post-Default Ratings Methodology: When Does...

Summary