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

S&P Global Ratings lowered the short-term component of its rating on Michigan State Housing Development Authority's series 2007B and 2009D single-family mortgage revenue bonds to 'AA+/A-1' from 'AA+/A-1+'. The outlook is stable. The rating action follows the substitution of the standby-bond-purchase agreements (SBPAs) provided by Federal Home Loan Bank of Topeka with SBPAs provided by Industrial&Commercial Bank of China Ltd., New York branch. The long-term component of our rating reflects the authority's single-family mortgage revenue bonds. The short-term component of our rating reflects our view of the SBPA provider's creditworthiness based on the lower of our short-term issuer credit rating on Industrial&Commercial Bank of China Ltd., the SBPA provider's parent, and our short-term foreign currency rating

...S&P Global Ratings lowered the short-term component of its rating on Michigan State Housing Development Authority's series 2007B and 2009D single-family mortgage revenue bonds to '##+/A-1' from '##+/A-1+'. The outlook is stable. The rating action follows the substitution of the standby-bond-purchase agreements (SBPAs) provided by Federal Home Loan Bank of Topeka with SBPAs provided by Industrial & Commercial Bank of China Ltd., New York branch. The long-term component of our rating reflects the authority's single-family mortgage revenue bonds. The short-term component of our rating reflects our view of the SBPA provider's creditworthiness based on the lower of our short-term issuer credit rating on Industrial & Commercial Bank of China Ltd., the SBPA provider's parent, and our short-term foreign currency rating on the U.S., the jurisdiction of the new SBPA provider. The new SBPAs have an effective date of Nov. 2, 2017. They provide coverage for principal and 184 days' interest at a maximum...

Summary