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

S&P Global Ratings confirmed its 'AA+/A-1' rating on Michigan State Housing Development Authority's series 2007E single-family mortgage revenue bonds. The outlook is stable. The confirmation follows our review of documents related to the upcoming replacement of the existing standby-bond-purchase agreement to Royal Bank of Canada from MUFG Bank Ltd. on Oct. 28, 2019. Beginning on the currently expected substitution date of Oct. 28, 2019, the long-term component of the rating will reflect the authority's single-family mortgage revenue bonds general-resolution rating. The short-term component of the rating will reflect the rating on the authority's new standby-bond-purchase agreement with Royal Bank of Canada.

...S&P Global Ratings confirmed its '##+/A-1' rating on Michigan State Housing Development Authority's series 2007E single-family mortgage revenue bonds. The outlook is stable. The confirmation follows our review of documents related to the upcoming replacement of the existing standby-bond-purchase agreement to Royal Bank of Canada from MUFG Bank Ltd. on Oct. 28, 2019. Beginning on the currently expected substitution date of Oct. 28, 2019, the long-term component of the rating will reflect the authority's single-family mortgage revenue bonds general-resolution rating. The short-term component of the rating will reflect the rating on the authority's new standby-bond-purchase agreement with Royal Bank of Canada....

Summary