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

S&P Global Ratings raised the short-term component of its ratings on Michigan State Housing Development Authority's (MSHDA) series 2007B, 2009D, and 2007F single-family mortgage revenue bonds to 'AA+/A-1+' from 'AA+/A-1'. The outlook on the long-term rating is negative. The rating action reflects our opinion of the June 22, 2022, replacement of the existing standby bond purchase agreements (SBPAs) provided by Industrial&Commercial Bank of China Ltd., New York branch, for the series 2007B and 2009D bonds and Bank of America N.A. for the series 2007F bonds with new SBPAs provided by TD Bank N.A. for all three series. The long-term component of the rating will continue to reflect our view of MSHDA's single-family mortgage revenue bond resolution. The short-term

...S&P Global Ratings raised the short-term component of its ratings on Michigan State Housing Development Authority's (MSHDA) series 2007B, 2009D, and 2007F single-family mortgage revenue bonds to '##+/A-1+' from '##+/A-1'. The outlook on the long-term rating is negative. The rating action reflects our opinion of the June 22, 2022, replacement of the existing standby bond purchase agreements (SBPAs) provided by Industrial & Commercial Bank of China Ltd., New York branch, for the series 2007B and 2009D bonds and Bank of America N.A. for the series 2007F bonds with new SBPAs provided by TD Bank N.A. for all three series. The long-term component of the rating will continue to reflect our view of MSHDA's single-family mortgage revenue bond resolution. The short-term component of the rating reflects our assessment of the new SBPAs provided by TD Bank N.A. Each new SBPA covers principal and 185 days' interest at a maximum 12% annual rate for the purchase price of bonds not successfully remarketed....

Summary