Michigan Finance Authority; Joint Criteria; State Revolving Funds/Pools

S&P Global Ratings assigned its 'AA+/A-1' rating to the Michigan Finance Authority's (MFA) series 2019C and D school loan revolving fund (SLRF) revenue refunding bonds. We have also affirmed our 'AA+' long-term rating on MFA's series 2010D, 2015A, 2019A, and 2019B SLRF revenue bonds. The long-term component of the rating on the 2019C and D bonds is based on the application of our joint criteria, at a low correlation level based on our long-term rating on the respective letter of credit (LOC) provider and our underlying rating (SPUR). The short-term component of the rating is based on our short-term rating on the respective LOC provider. At the same time, we affirmed our 'AA+' underlying rating (SPUR) on MFA's series 2010A,

...S&P Global Ratings assigned its '##+/A-1' rating to the Michigan Finance Authority's (MFA) series 2019C and D school loan revolving fund (SLRF) revenue refunding bonds. We have also affirmed our '##+' long-term rating on MFA's series 2010D, 2015A, 2019A, and 2019B SLRF revenue bonds. The long-term component of the rating on the 2019C and D bonds is based on the application of our joint criteria, at a low correlation level based on our long-term rating on the respective letter of credit (LOC) provider and our underlying rating (SPUR). The short-term component of the rating is based on our short-term rating on the respective LOC provider. At the same time, we affirmed our '##+' underlying rating (SPUR) on MFA's series 2010A, 2010B, 2010C, and 2014A SLRF revenue bonds. These ratings are based on the application of our long-term municipal pool criteria. In addition, we affirmed our '##+' long-term rating and various short-term ratings on MFA's series 2010A, B, and C and 2014A bonds based on...

Full Report