Michigan Finance Authority Ratings Assigned To Five 2020 Tobacco Series; Series 2007B Rating Affirmed

OVERVIEW Michigan Finance Authority's issuance is an ABS transaction backed by Michigan state-pledged tobacco settlement revenues resulting from the master settlement agreement payments, fully funded liquidity reserve accounts, and interest income. We assigned our ratings to the multiple classes of notes. We also affirmed our rating on the series 2007B notes. The ratings reflect our view of the transactions' legal and payment structures, among other factors. NEW YORK (S&P Global Ratings) Oct. 15, 2020--S&P Global Ratings today assigned its ratings to Michigan Finance Authority's tobacco settlement asset-backed refunding bonds series 2020. At the same time, we affirmed our rating on the series 2007B notes. (See list.) The note issuance is an ABS transaction backed by Michigan state-pledged tobacco settlement revenues

...OVERVIEW + Michigan Finance Authority's issuance is an ABS transaction backed by Michigan state-pledged tobacco settlement revenues resulting from the master settlement agreement payments, fully funded liquidity reserve accounts, and interest income. + We assigned our ratings to the multiple classes of notes. We also affirmed our rating on the series 2007B notes. + The ratings reflect our view of the transactions' legal and payment structures, among other factors. NEW YORK (S&P Global Ratings) Oct. 15, 2020--S&P Global Ratings today assigned its ratings to Michigan Finance Authority's tobacco settlement asset-backed refunding bonds series 2020. At the same time, we affirmed our rating on the series 2007B notes. (See list.) The note issuance is an ABS transaction backed by Michigan state-pledged tobacco settlement revenues resulting from the master settlement agreement payments, fully funded liquidity reserve accounts, and interest income. The bonds were issued out of two separate indentures,...

Ratings Action