Summary: Michigan Finance Authority; Joint Criteria; State Revolving Funds/Pools

S&P Global Ratings affirmed its 'AA+' long-term rating and underlying rating (SPUR) on the Michigan Finance Authority's outstanding School Loan Revolving Fund (SLRF) revenue bonds based on the application of our long-term municipal pool criteria. At the same time, S&P Global Ratings affirmed its 'AA+/A-1' dual rating on the authority's series 2019C and 2019D bonds. The long-term component of the rating on the 2019C and 2019D bonds is based on the application of our joint criteria, at a low correlation based on our long-term rating on the respective letter-of-credit (LOC) provider and our SPUR. The short-term component of the rating (A-1) is based on our short-term rating on the respective LOC providers. The outlook, where applicable, is stable. The LOC

...S&P Global Ratings affirmed its '##+' long-term rating and underlying rating (SPUR) on the Michigan Finance Authority's outstanding School Loan Revolving Fund (SLRF) revenue bonds based on the application of our long-term municipal pool criteria. At the same time, S&P Global Ratings affirmed its '##+/A-1' dual rating on the authority's series 2019C and 2019D bonds. The long-term component of the rating on the 2019C and 2019D bonds is based on the application of our joint criteria, at a low correlation based on our long-term rating on the respective letter-of-credit (LOC) provider and our SPUR. The short-term component of the rating (A-1) is based on our short-term rating on the respective LOC providers. The outlook, where applicable, is stable. The LOC banks are Bank of America N.A. on the 2019C bonds and PNC Bank N.A. on the 2019D bonds. Each LOC has an effective date of Dec. 4, 2019, and includes 45 days' interest calculated at the maximum rate of 12% on the bonds in the weekly interest...

Summary