Standard&Poor's Rating Services revised its outlook to stable from negative and affirmed its 'BB+' rating 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 revision reflects our view of DSLA's return to positive operations, stable enrollment, and improved liquidity position with 66 days' cash on hand. The rating is currently constrained by the academy's limited demand profile and plans to develop a high school given the academy's competitive environment. It is our opinion that these plans pose a potential credit risk, but we understand that the timeline for their development is outside the scope of our outlook period. More specifically, the
