Standard&Poor's Ratings Services assigned its 'A-1' rating to Barclays Capital Inc.'s series 2014-7WE custodial receipts related to Michigan Finance Authority's series 2014F local government loan program revenue bonds. The 'A-1' short-term rating reflects the direct-pay letter of credit (LOC) provided by Barclays Bank PLC. The LOC will provide for principal and interest due on the custodial receipts at the maximum rate through maturity. The LOCs are scheduled to expire at the close of business on June 1, 2015, which is the maturity date for the underlying asset and, therefore, the custodial receipts. The 2014-7WE receipts will be placed in Barclays Capital Inc.'s floating-rate trust receipts and residual interest trust receipts, series 2014-7WE. The long-term component of the 'A-1/A-1'
