Standard&Poor's Rating Services lowered its rating two notches, to 'BB-' from 'BB+', on Michigan Finance Authority's series 2011 public school academy limited obligation revenue and refunding bonds, issued on behalf of Detroit Service Learning Academy (DSLA). The outlook is stable. The 'BB-' rating reflects our view of DSLA's recent issuance of $6 million in unrated, private-placement debt to acquire and renovate an additional school building to support its expansion efforts. The building is the former campus of Detroit West Preparatory Academy, which closed earlier this summer following nonrenewal of the school's charter; through this recent transaction, DSLA is essentially purchasing the outstanding bonds of Detroit West and acquiring its facility (see the Detroit West article published July 11,
