...- Michigan Finance Authority's series 2015-1 issuance is an ABS transaction backed by a pool of loans originated through the U.S. Department of Education's Federal Family Education Loan Program. - We affirmed our '##+ (sf)' rating on the class A notes. - The affirmation reflects our view of the transaction's increased credit enhancement levels, collateral profile, available liquidity, and payment structure. NEW YORK (S&P Global Ratings) March 31, 2021--S&P Global Ratings today affirmed its '##+ (sf)' rating on Michigan Finance Authority's series 2015-1 class A notes. The transaction is backed by a pool of loans originated through the U.S. Department of Education's (ED) Federal Family Education Loan Program (FFELP). Our review considered the transaction's collateral performance and available liquidity, credit enhancement, and capital and payment structure. We also considered the evolving macroeconomic environment that has resulted from the COVID-19 pandemic, which will likely present employment...
