...- Michigan Finance Authority's series 2021-1 issuance is an ABS transaction backed by a pool of student loans that are at least 97% reinsured by the U.S. federal government. - We assigned our ratings to the class A-1A and A-1B notes. - The ratings reflect our view of the transaction's expected initial parity, payment structure, and legal structure, among other factors. CENTENNIAL (S&P Global Ratings) July 27, 2021--S&P Global Ratings today assigned its ratings to Michigan Finance Authority's taxable student loan asset-backed series 2021-1 notes (see list). The note issuance is an ABS transaction backed by a pool of student loans that are at least 97% reinsured by the U.S. federal government. The ratings reflect our view of: - The transaction's expected initial parity of 123.0%. Parity is defined as the percentage of total assets divided by the series A notes. Total assets include the initial pool balance and the reserve fund. - Our weighted average, seasoned-adjusted, base case default...
