Michigan Finance Authority; Letter of Credit

Standard&Poor's Ratings Services has assigned its 'AA-/A-1+' rating to Michigan Finance Authority's series 22-A student loan revenue bonds. The 'AA-' long-term component of the rating reflects the irrevocable direct-pay letter of credit (LOC) provided by State Street Bank&Trust Co. (AA-/A-1+) and addresses the likelihood that bondholders will receive interest and principal payments when due if they don't exercise the put option. The 'A-1+' short-term component of our rating reflects our short-term issuer credit rating on State Street Bank&Trust Co. (A-1+) and addresses the likelihood that bondholders will receive interest and principal payments if they exercise the put option. The LOC fully supports all bond payment obligations when the bonds are in the weekly and

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