...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 preliminary rating to the class A notes. + The preliminary rating reflects our view of the transaction's initial senior parity, the U.S. federal government's reinsurance of at least 97% of the loans' principal and interest interest, and principal payments made under various stressed cash flow modeling scenarios, among other factors. NEW YORK (Standard & Poor's) March 5, 2015--Standard & Poor's Ratings Services today assigned its preliminary rating to Michigan Finance Authority's $302.6 million student loan asset-backed notes series 2015-1 (see list). The note issuance is an ABS securitization backed by student loans that are at least 97% reinsured by the U.S. federal government. The preliminary rating is based on information as of March 5, 2015. Subsequent information may result in the assignment of final ratings...
