NEW YORK (S&P Global Ratings) March 8, 2018--S&P Global Ratings lowered its long-term rating to 'B' from 'BB-' on Michigan Finance Authority's series 2011 public school academy limited obligation revenue and refunding bonds, issued on behalf of Detroit Service Learning Academy (DSLA). The outlook is stable. "The lowered rating reflects our view of the academy's refinancing and liquidity risk with a short timeframe and limited market access from its unrated, privately placed subordinate bonds," said S&P Global Ratings credit analyst Kaiti Wang. "The academy had attempted but failed to refinance this debt in 2016, leaving substantially less time to resolve the liquidity event risk," Ms. Wang added. DLSA was initially chartered as the YMCA Service Learning Academy by Lake Superior
