S&P Global Ratings assigned its 'A-1' short-term rating to Michigan Finance Authority's series 2019A-2 state aid revenue notes. The rating reflects our opinion of the letter of credit (LOC) provided by JPMorgan Chase Bank N.A. for the series 2019A-2, and our expectation of full and timely interest and principal payments. The LOC fully supports all note payment obligations. In rating this transaction, we reviewed the credit; legal; operational; and structural matters we considered relevant to our analysis, as outlined in our criteria. When evaluating the structure, we consider various risk factors. The LOC covers the entire principal balance and 360 days' interest accruals at the interest rate. The notes shall bear interest from the date of their original issuance until,
