Summary: Michigan Finance Authority; Letter of Credit - S&P Global Ratings’ Credit Research

Summary: Michigan Finance Authority; Letter of Credit

Summary: Michigan Finance Authority; Letter of Credit - S&P Global Ratings’ Credit Research
Summary: Michigan Finance Authority; Letter of Credit
Published Sep 18, 2013
1001 words — Published Sep 18, 2013
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Abstract:

Standard&Poor's Ratings Services has assigned its 'AA-/A-1+' rating to Michigan Finance Authority's series 22-A student loan revenue bonds. The 'AA-' long-term component of the rating reflects the irrevocable direct-pay letter of credit (LOC) provided by State Street Bank&Trust Co. (AA-/A-1+) and addresses the likelihood that bondholders will receive interest and principal payments when due if they don't exercise the put option. The 'A-1+' short-term component of our rating reflects our short-term issuer credit rating on State Street Bank&Trust Co. (A-1+) and addresses the likelihood that bondholders will receive interest and principal payments if they exercise the put option. The LOC fully supports all bond payment obligations when the bonds are in the weekly and

  
Brief Excerpt:

RESEARCH Summary: Michigan Finance Authority; Letter of Credit Publication date: 18-Sep-2013 Primary Credit Analyst: Lisa Ardolina, New York (1) 212-438-3810; lisa.ardolina@standardandpoors.com Secondary Contact: Ki Beom K Park, New...

  
Report Type:

Summary

Issuer
Michigan Finance Authority
Sector
Global Issuers, Public Finance, Structured Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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MLA:
S&P Global Ratings’ Credit Research. "Summary: Michigan Finance Authority; Letter of Credit" Sep 18, 2013. Alacra Store. May 16, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Michigan-Finance-Authority-Letter-of-Credit-1193108>
  
APA:
S&P Global Ratings’ Credit Research. (). Summary: Michigan Finance Authority; Letter of Credit Sep 18, 2013. New York, NY: Alacra Store. Retrieved May 16, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Michigan-Finance-Authority-Letter-of-Credit-1193108>
  
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