NEW YORK (S&P Global Ratings) March 11, 2021--S&P Global Ratings placed its 'B' long-term rating on Michigan Finance Authority's series 2011 public school academy limited obligation revenue and refunding bonds, issued for Detroit Service Learning Academy (DSLA), on CreditWatch with negative implications. "The CreditWatch negative reflects our view of the immediate refinancing risk associated with DSLA's unrated series 2014A and 2014B bonds, which have a $6.075 million bullet maturity coming due Sept. 1, 2021," said S&P Global credit analyst Mel Brown. "In our view, the short time horizon to maturity of the bonds increases the risk of a near term event of default." Additionally, there is cross default risk in relationship to the rated series 2011 bonds which could trigger
