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 reflects our assessment of a new liquidity facility in the form of a standby bond purchase agreement (SBPA) provided by Bank of America N.A., substituting for a prior SBPA provided by PNC Bank N.A., effective Nov. 18, 2015. The long-term component of the rating reflects our view of MSHDA's single-family mortgage revenue bond resolution. The short-term component of the rating reflects our assessment of the new SBPA provided by Bank of America. The new SBPA covers principal and 184 days' interest at a maximum 12%
