Standard&Poor's Ratings Services has assigned its 'AA+' long-term rating to Michigan State Housing Development Authority's (MSHDA) New Issue Bond Program (NIBP) single-family homeownership revenue bonds series 2009A-4. The bonds issued under the general resolution are general obligations of the Housing Development Fund for which its full faith and credit is pledged. At the same time, Standard&Poor's affirmed its 'AA+' long-term rating on MSHDA's existing debt. The outlook is stable. The rating reflects our opinion of: The general obligation pledge of MSHDA; Investments commensurate with the rating on the bonds; and Low risk quality of assets in the form of mortgage loans. . The 2009A-4 issuance is a conversion of MSHDA's escrowed NIBP bonds into its new
