Standard&Poor's Ratings Services has raised its underlying rating on Michigan Finance Authority's (MFA's) series 2010A-C school loan revolving fund revenue and refunding bonds to 'AA' from 'AA-'. The upgrade reflects our view of the enterprise risk and financial risk of the program. We also raised our long-term rating on the MFA's series 2010D bonds to 'AA' from 'AA-'. The outlook on all the ratings is stable. We also affirmed our 'AAA' long-term rating on the series 2010A-C bonds based on the application of the low-correlation joint criteria table where we rate the MFA 'AA', with the following letter of credit (LOC) providers: Bank of America N.A. (A/Negative/A-1) for series 2010A, PNC Bank N.A. (A/Stable/A-1) for series 2010B, and
