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 2006C 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 Barclays Bank PLC with a new SBPA provided by US Bank N.A. on May 13, 2020. 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 of US Bank N.A. The new SBPA will cover the purchase price of unremarketed tendered bonds, including up to 187 days' interest for the bonds at an interest rate of 12% annually. The new SBPA

...S&P Global Ratings raised the short-term component of its rating on Michigan State Housing Development Authority's series 2006C 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 Barclays Bank PLC with a new SBPA provided by US Bank N.A. on May 13, 2020. 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 of US Bank N.A. The new SBPA will cover the purchase price of unremarketed tendered bonds, including up to 187 days' interest for the bonds at an interest rate of 12% annually. The new SBPA has a stated expiration of May 11, 2023. 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 enhances the bonds in the weekly interest-bearing-rate mode...

Summary