Summary: Michigan Finance Authority; Letter Of Credit

S&P Global Ratings assigned its 'A-1' short-term rating to Michigan Finance Authority's series 2021A-2 state aid revenue notes. The rating reflects our opinion of the letter of credit (LOC) provided by PNC Bank N.A. for series 2021A-2 notes. The LOC fully supports all note payment obligations. The rating reflects the short-term issuer credit rating (ICR) on PNC 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. This analysis reflects information as of July 15, 2021. Subsequent information from now until the closing date could result in our changing or withdrawing the rating. When

...S&P Global Ratings assigned its 'A-1' short-term rating to Michigan Finance Authority's series 2021A-2 state aid revenue notes. The rating reflects our opinion of the letter of credit (LOC) provided by PNC Bank N.A. for series 2021A-2 notes. The LOC fully supports all note payment obligations. The rating reflects the short-term issuer credit rating (ICR) on PNC 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. This analysis reflects information as of July 15, 2021. Subsequent information from now until the closing date could result in our changing or withdrawing the rating....

Summary