...Standard & Poor's Ratings Services raised its underlying rating (SPUR) on the Michigan Finance Authority's (MFA) series 2010A-D and 2014A bonds to '##+' from '##'. At the same time, we assigned our '##+' long-term rating to the MFA's series 2015A school loan revolving fund revenue bonds. The upgrade reflects an improved financial risk profile, which we view as extremely strong. We have also affirmed our '###' long-term rating on MFA's series 2010A-C and 2014A bonds based on the application of our joint criteria (assuming low correlation) among the authority, the obligor, and the letter of credit (LOC) providers. The LOC bank on the series 2014A bonds is JPMorgan Chase Bank N.A. The short-term component of the rating is based solely on our rating on JPMorgan Chase Bank. The LOC provides credit and liquidity coverage for all optional and mandatory redemptions, mandatory tenders, and acceleration. If the LOC provider fails to fund for such a draw, then the trustee is directed to make a demand...
