Standard&Poor's Ratings Services has affirmed its 'AA' long-term rating, with a stable outlook, on Michigan Finance Authority's (formerly, Michigan Municipal Bond Authority) series 1993C local government loan program revenues bonds (transportation fund bonds), based on pledged security to the authority, which is loan repayments from various Michigan municipalities. Securing the loans are gas and weight tax revenues received by cities, townships, and counties from the state of Michigan. Loan repayments from all but one participant have matured. Pledged revenues from the one remaining participant provide more than 4.3x coverage of maximum annual debt service. The 'AA' long-term rating on the authority's series 1989 and series 1986A bonds has been withdrawn, as the bonds have been defeased. Borrowing constraints
