NEW YORK (S&P Global Ratings) June 9, 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 developing implications. On March 11, 2021, we had placed our rating on DSLA on CreditWatch with negative implications to reflect the immediate refinancing risk associated with the school's series 2014A and 2014B bonds (not rated), which have a $6.075 million bullet maturity coming due Sept. 1, 2021. Since then, DSLA has worked with its underwriter and current bondholders, with plans to refinance all its existing debt through a limited public offering this summer. "The CreditWatch with developing implications reflects our
