Standard&Poor's Ratings Services has withdrawn its rating on Michigan State Housing Development Authority's series 2002A multifamily housing limited obligation revenue bonds, issued for the Danbury Manor project. This action follows Standard&Poor's placement of the rating on CreditWatch with negative implications due to a revised methodology for certain federal government-enhanced housing transactions. In order to assess the credit quality of the affected rating under the new criteria, Standard&Poor's requested information on each issue placed on CreditWatch. While we did receive some information, it was insufficient, in our opinion, to complete the analysis. The revised methodology affects bond issues that are secured by mortgages that are insured by or guaranteed by Fannie Mae, Freddie Mac, Ginnie
