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

S&P Global Ratings raised the short-term component of its rating on Michigan State Housing Development Authority's series 2007E single-family mortgage revenue bonds to 'AA+/A-1+' from 'AA+/A-1.' The rating action reflects our view of the replacement of the existing standby-bond-purchase agreement (SBPA) provided by MUFG Bank Ltd. with a new SBPA provided by Royal Bank of Canada on Oct. 28, 2019. The long-term component of the rating reflects the general-resolution rating on the authority's single-family mortgage revenue bonds. The short-term component of the rating reflects the rating on the authority's new SBPA with Royal Bank of Canada. The new SBPA will cover the purchase price of unremarketed tendered bonds, including up to 185 days' interest for the bonds at an interest

...S&P Global Ratings raised the short-term component of its rating on Michigan State Housing Development Authority's series 2007E single-family mortgage revenue bonds to '##+/A-1+' from '##+/A-1.' The rating action reflects our view of the replacement of the existing standby-bond-purchase agreement (SBPA) provided by MUFG Bank Ltd. with a new SBPA provided by Royal Bank of Canada on Oct. 28, 2019. The long-term component of the rating reflects the general-resolution rating on the authority's single-family mortgage revenue bonds. The short-term component of the rating reflects the rating on the authority's new SBPA with Royal Bank of Canada. The new SBPA will cover the purchase price of unremarketed tendered bonds, including up to 185 days' interest for the bonds at an interest rate of 12% annually. The new SBPA schedule terminates on Oct. 25, 2024. At that time, we will remove the short-term component of the bond rating if the SBPA is not replaced or extended. The new SBPA will only enhance...

Summary