OVERVIEW Michigan Finance Authority's issuance is an ABS securitization backed by student loans that are at least 97% reinsured by the U.S. federal government. We assigned our ratings to the class A and B notes. The ratings reflect our view of the transaction's initial parity, the U.S. federal government's reinsurance of at least 97% of the loans' principal and interest, and principal payments made under various stressed cash flow modeling scenarios, among other factors. NEW YORK (Standard&Poor's) January 15, 2016--Standard&Poor's Ratings Services today assigned its ratings to Michigan Finance Authority's $282 million student loan asset-backed notes series 2016-1 (see list). The note issuance is an asset-backed securities transaction backed by Federal Family Education Loan Program (FFELP)
