Michigan Finance Authority?s Series 2020A, 2020B-1, 2020B-2 And Series 2020A-1, 2020A-2, 2020B Assigned Prelim Ratings

OVERVIEW Michigan Finance Authority's issuances are ABS transactions backed by Michigan state-pledged tobacco settlement revenues resulting from the master settlement agreement payments, the fully funded liquidity reserve accounts, and the interest income. We assigned our preliminary ratings to the multiple classes of notes. The preliminary ratings reflect our view of the transactions' legal and payment structures, among other factors. NEW YORK (S&P Global Ratings) Sept. 30, 2020--S&P Global Ratings today assigned its preliminary ratings to Michigan Finance Authority's tobacco settlement asset-backed bonds series 2020 (see list). The note issuances are ABS transactions backed by Michigan state-pledged tobacco settlement revenues resulting from the master settlement agreement payments, the fully funded liquidity reserve accounts, and the interest income. The preliminary ratings are

...OVERVIEW + Michigan Finance Authority's issuances are ABS transactions backed by Michigan state-pledged tobacco settlement revenues resulting from the master settlement agreement payments, the fully funded liquidity reserve accounts, and the interest income. + We assigned our preliminary ratings to the multiple classes of notes. + The preliminary ratings reflect our view of the transactions' legal and payment structures, among other factors. NEW YORK (S&P Global Ratings) Sept. 30, 2020--S&P Global Ratings today assigned its preliminary ratings to Michigan Finance Authority's tobacco settlement asset-backed bonds series 2020 (see list). The note issuances are ABS transactions backed by Michigan state-pledged tobacco settlement revenues resulting from the master settlement agreement payments, the fully funded liquidity reserve accounts, and the interest income....

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