...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 rating to the class A notes. + The 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, and principal payments made under various stressed cash flow modeling scenarios, among other factors. NEW YORK (Standard & Poor's) March 24, 2015--Standard & Poor's Ratings Services today assigned its 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 rating reflects our view of: + The transaction's initial senior parity of approximately 103.29%, which is defined as the percentage of the trust assets (the pool balance plus...
