Standard&Poor's Ratings Services raised its rating to 'AAA' from 'AA' on Michigan State Housing Development Authority's (MSHDA) single-family homeownership revenue bonds series 2009A, 2009A-1, and 2010ABC. Standard&Poor's also assigned its 'AAA' rating to the authority's series 2011A, 2009A-2, and 2009A-3 bonds. The bonds issued under the general resolution are general obligations (GOs) of the authority under its full-faith-and-credit pledge. The outlook is stable. The rating reflects our view of the: Extremely high credit quality of assets under the resolution, Extremely strong reserves, Strength of the indenture's cash flows able to withstand assumed loan losses at the 'AAA' level, GO pledge of MSHDA, and Investments commensurate with the rating. This is the second rollout for the MSHDA's
