...SAN FRANCISCO (Standard & Poor's) Feb. 6, 2015--Standard & Poor's Ratings Services raised its long-term rating to '##+' from 'A+' on Michigan State Hospital Finance Authority's (MidMichigan Obligated Group) series 2006A and 2009A bonds, issued by MidMichigan Health. "The raised rating is based on the defeasance of bonds through the deposit of mainly U.S. Treasury Securities (state and local government series), and cash in an escrow fund on Dec. 1, 2014. The escrow agent is instructed to make debt service payments on all scheduled payment dates through and including June 1, 2019, at the redemption price of 100% plus accrued interest. Standard & Poor's has reviewed a verification report prepared by an accounting firm certifying that the cash placed in escrow will produce the amounts necessary to provide for timely payment of debt payment schedule on the bonds, and that the computations are mathematically correct. The escrow agent is U.S. Bank National Association. RELATED CRITERIA AND RESEARCH...
