Standard&Poor's Ratings Services assigned its 'BBB-' long-term rating to 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 'BBB-' rating reflects our view of the academy's: Above-average aggregate test scores compared to those of the state and local school district; Consistently positive operating results with ample debt service coverage of 1.4x to 1.6x before capital expenditures and no need for future enrollment growth to support the new debt; Moderate operating liquidity of about 47 days' cash on hand as of June 30, 2011; Manageable pro forma maximum annual debt service (MADS) burden relative to the rating category at just
