Summary: Michigan Finance Authority; Note

S&P Global Ratings assigned its 'A-1+' short-term rating to the Michigan Finance Authority's approximately $83.285 million series 2022 A-1 state aid revenue notes. The authority will use the note proceeds (along with proceeds from its separately issued 2022 A-2 notes) to provide state aid anticipation notes (SANs) to up to 102 local school districts. The authority's notes will be secured by repayments of these local school district SANs. Each district's SAN purchased by the A-1 notes will be secured by its fiscal 2023 state school aid, which will be withheld by the state and can be advanced if needed. The SANs are also secured by each district's limited-tax general obligation (GO) backing. The 'A-1+' short-term rating reflects the strengths of

...S&P Global Ratings assigned its 'A-1+' short-term rating to the Michigan Finance Authority's approximately $83.285 million series 2022 A-1 state aid revenue notes. The authority will use the note proceeds (along with proceeds from its separately issued 2022 A-2 notes) to provide state aid anticipation notes (SANs) to up to 102 local school districts. The authority's notes will be secured by repayments of these local school district SANs. Each district's SAN purchased by the A-1 notes will be secured by its fiscal 2023 state school aid, which will be withheld by the state and can be advanced if needed. The SANs are also secured by each district's limited-tax general obligation (GO) backing. The 'A-1+' short-term rating reflects the strengths of Michigan's state school aid withholding and advancement program, assessed under our "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" criteria, and application of our "Methodology For Linking Long-Term And Short-Term...

Summary