Standard&Poor's Ratings Services has assigned its 'A+' long-term rating and stable outlook to Michigan Finance Authority's series 2011E local government loan program revenue bonds (local project bonds) and affirmed its 'A+' long-term rating on the authority's existing school program bonds. The rating reflects the authority's: Very strong coverage of maximum annual debt service (MADS) by pledged revenues; Mechanism providing for the intercept of state school aid of the participating district in the event of a payment shortfall; and Constitutional commitment of the state for education funding. Securing the bonds is the repayment of a loan made by the authority to the Hamtramck School District, with the loan secured by a pledge of state aid payments to be received
