CHICAGO (Standard&Poor's) Aug. 25, 2014--Standard&Poor's Rating Services lowered its rating two notches, to 'BB-' 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 'BB-' rating reflects our view of DSLA's recent issuance of $6 million in unrated, private-placement debt to acquire and renovate an additional school building to support its expansion efforts," said Standard&Poor's credit analyst Ashley Ramchandani. The building is the former campus of Detroit West Preparatory Academy, which closed earlier this summer following nonrenewal of the school's charter; through this recent transaction, DSLA is essentially purchasing the outstanding bonds of
