Standard&Poor's Ratings Services lowered its long-term rating on Michigan State Housing Development Authority's single homeownership revenue bonds to 'AA+' from 'AAA', and removed them from CreditWatch with negative implications. The outlook is stable. The above-mentioned rating actions are based solely on the downgrade of the sovereign rating on the U.S. to 'AA+'. The bonds are secured by new single-family mortgage loans, which are insured by government agencies (FHA, VA, Rural Development), the funds under the indenture, and the general funds of the agency. The 'AA+' long-term rating reflects our view of: Economic stress scenario cash flows under various prepayment speeds, demonstrating, in our view, that there is currently sufficient loss coverage at the 'AA+' rating level; The quality
