The ratings assigned to Michigan Finance Authority's (the Authority's) Federal Family Education Loan Program (FFELP) student loan asset-backed notes series 2016-1 reflect our view of: The transaction's initial total parity of approximately 102.3%, which is defined as the percentage of the trust assets (the pool balance as of Nov. 30, 2015, plus the debt service reserve fund) divided by the total note principal amount. The transaction's initial senior parity of approximately 105.7%, which is defined as the percentage of the trust assets (the pool balance as of Nov. 30, 2015, plus the debt service reserve fund) divided by the senior note principal amount. The U.S. federal government's reinsurance of at least 97% of the loans' principal and interest. The timely
