Standard&Poor's Ratings Services assigned its 'SP-1+' short-term rating to Michigan Finance Authority's state aid revenue notes series 2011C-2 and 2011C-3, based on direct-pay letters of credit (LOCs) provided by JPMorgan Chase Bank (AA-/A-1+) and Bank of Nova Scotia (AA-/A-1+), respectively. 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. 22, 2011, and the maturity date is Aug. 20, 2012, or upon acceleration of the notes, which, on such date, interest shall cease to accrue. The LOCs are scheduled to expire on Aug. 22, 2012. The interest payment date for the series 2011C-2 and 2011C-3 notes
