S&P Global Ratings assigned its 'A-1' short-term rating to Michigan Finance Authority's series 2020A-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 2020A-2 notes. The LOC fully supports all note payment obligations. The rating reflects the short-term issuer credit rating (ICR) on JPMorgan Chase Bank N.A. and addresses our expectation of full and timely interest and principal payments. 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
