Standard&Poor's Ratings Services assigns its 'AA' long-term rating to Michigan State Housing Development Authority's (MSHDA) new issue bond program (NIBP)series 2010A, 2010B, 2010C, and 2009A-1. The bonds issued under the general resolution are general obligations (GOs) of the Housing Development Fund for which its full faith and credit is pledged. The rating on this transaction is 'AA' based on the current escrow of funds in 'AAA'-eligible obligations and the GO pledge of the agency, and the potential origination of whole loans. In the event of full origination, a total of $350,000,000 is originated. In summary, the rating reflects our view of: The GO pledge of MSHDA; and Investments commensurate with the rating on the bonds. This is the
