Standard&Poor's Ratings Services assigned its 'SP-1+' short-term rating to Michigan Finance Authority's state aid revenue notes series 2010D-2 and 2010D-3. The rating on the 2010D02 notes is based on a direct-pay letter of credit (LOC) provided by JPMorgan Chase Bank (AA-/A-1+), and the rating on the series 2010D-3 notes is based on a direct-pay LOC provided by the Bank of Nova Scotia (AA-/A-1+). The LOCs will cover 100% of the principal and interest on the notes until maturity. The notes are being issued in the fixed-rate mode. The effective date of the notes is Aug. 20, 2010, and the maturity date is Aug. 22, 2011, or upon acceleration of the notes, which on such date interest shall cease
