The 'AA-' long-term rating on Michigan Finance Authority's series 2008A1-A4 school loan revolving fund revenue bonds reflects the security provided by a portfolio of pledged loan repayments from Michigan school districts and legal provisions that govern the application of these payments toward early debt redemption. The 'A-2' short-term component of the rating represents the likelihood of payment of tenders and reflects separate liquidity facilities provided by DEPFA Bank PLC (A-2). The liquidity facilities, which are standby bond purchase agreements (SBPAs) shall provide coverage for principal and 35 days' interest during the daily and weekly rates and 186 days' interest during the term rate, at the maximum rate of 15% for purchase price of bonds that are not successfully remarketed. The
