S&P Global Ratings assigned its 'AA+/A-1+' dual rating to the Michigan State Housing Development Authority's (MSHDA) single-family mortgage revenue bonds (SFMRBs) adjustable rate 2024 series C, with an expected par amount of $50 million. The outlook is stable. All bonds issued under the SFMRB general resolution, including the planned 2024 series C bonds, are general obligations of MSHDA. The authority has no taxing power, but its full faith and credit are pledged to the payment of the interest on and the principal or redemption price of the bonds. In addition, pledged property, as defined in transaction documents, generally includes revenues, assets, and money held under the resolution and is available to pay debt service on a parity basis with all
