...S&P Global Ratings affirmed its '##+' long-term rating on Michigan Finance Authority's (MFA) series 2010D and 2015A school loan revolving fund (SLRF) revenue bonds. At the same time, S&P Global Ratings affirmed its '##+' underlying rating (SPUR) on MFA's series 2010A-C and 2014A SLRF revenue bonds. These ratings are based on the application of our long-term municipal pool criteria. 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 outlook, where applicable, is stable. The LOC bank on the 2010A-C and 2010A bonds is Bank of America N.A., for the 2010B bonds it is PNC Bank N.A., and Bank of Montreal for the 2010C. The 'A-1' short-term rating assigned to the bonds reflects our short-term rating on the banks. The LOCs provide coverage for payment of principal and interest on the bonds, including payment...
