Standard&Poor's Ratings Services assigned its 'A/A-1' rating to Michigan Finance Authority's unemployment obligation assessment variable-rate demand revenue bonds series 2011. The rating is based on an irrevocable direct-pay letter of credit (LOC) provided by Citibank N.A. (A/A-1). The LOC, which initially expires on July 1, 2014, unless terminated earlier pursuant to its terms, covers the purchase price of tendered, but unremarketed, bonds, as well as principal of and up to 205 days' interest calculated at the maximum rate of 12%. The bonds are enhanced with the LOC coverage while in the weekly mode, with semi-annual interest payment dates on July 1 and Jan. 1. In addition, the bonds are subject to mandatory tender upon expiration, termination, and substitution
