Standard&Poor's Ratings Services assigned its 'AA-/A-1+' rating to Michigan Finance Authority's Healthcare Equipment Loan Program bonds, Installment Number 2 (issued for West Michigan Air Care) of series D. Standard&Poor's also affirmed its 'AA-/A-1+' rating on the authority's Healthcare Equipment Loan Program bonds, Installment Number 1 (issued for MidMichigan Health) of series D. The 'AA-' long-term component of the rating is based on the irrevocable direct-pay letter of credit (LOC) provided by JPMorgan Chase Bank (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 is based on our short-term issuer credit rating on JPMorgan Chase Bank (A-1+)
