Standard&Poor's Ratings Services assigned its 'AA' long-term rating, with a stable outlook, to Michigan State Housing Development Authority's (MSHDA) New Issue Bond Program (NIPB) series 2009A. The bonds issued under the general resolution are general obligations of the Housing Development Fund for which its full faith and credit is pledged. The rating reflects our opinion of: The general obligation pledge of MSHDA; and Investments commensurate with the rating on the bonds. The 2009A bonds are being issued under a new bond resolution; however, upon closing, the bonds will be escrowed under the single-family NIBP. The 2009A bonds are being purchased by Fannie Mae and Freddie Mac pursuant to the NIBP. Under the NIBP, the purchasers will exchange the
