This report does not constitute a rating action. S&P Global Ratings? long-term rating on the Michigan Finance Authority 's series 2021 public school academy limited obligation refunding bonds, issued for Hanley International Academy (HIA), is ?BB+?. The outlook is stable. As of June 30, 2024, HIA had about $6.1 million in long-term debt, consisting only of the series 2021 bonds. We consider the bonds a general obligation of the academy, secured by a pledge of 20% of per-pupil state aid, a first-mortgage lien on the land, and facilities financed with the bonds' issuance. HIA does not have major expansion or capital improvement plans that would require additional debt at this time. The 'BB+' rating reflects our view of the academy's
