S&P Global Ratings assigned its 'A-1+' short-term rating to the Michigan Finance Authority's approximately $56.84 million series 2023 A-1 state aid revenue notes. The authority will use the note proceeds (along with proceeds from its separately issued 2023 A-2 notes) to provide state aid anticipation notes (SANs) to up to 84 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 2024 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
