Standard&Poor's Ratings Services raised the rating on Michigan State Housing Development Authority's single-family variable-rate demand bonds, series 2006C to 'AA+/A-1+' from 'AA+/A-1' following the substitution of a standby bond purchase agreement (SBPA) from Depfa Bank PLC (BBB/A-2) with one from Barclays Bank PLC (AA-/A-1+). The SBPA for both series 2009D and 2006C will provide for the payment of tenders in the weekly rate mode covering 34 days of interest. The long-term rating is based on: Very strong quality of the mortgage loan collateral consisting of predominantly Financial Housing Administration-insured and Veterans Administration-guaranteed loans; Historical performance of mortgage loans consistent or below MBA statistics; Sufficient reserves for Standard&Poor's forecasted loan losses at the 'AA' level; Very strong
