S&P Global Ratings assigned its 'A-1+' short-term rating to Michigan Finance Authority's (MFA) approximately $63.118 million series 2024A-1 state aid revenue notes. MFA will use series 2024A-1 note proceeds and proceeds from separately issued series 2024A-2 notes to provide state-aid-anticipation notes (SANs) for up to 71 local school districts. The repayment of these local school district SANs secures the series 2024A-1 notes. Each district's fiscal 2025 state aid, which the state withholds and can advance if needed, secures its SANs purchased with 2024A-1 note proceeds. Each district's limited-tax general obligation (GO) pledge also secures its SANs. The short-term rating reflects the strength of Michigan's state school aid withholding-and-advancement program, assessed under our criteria, "Issue Credit Ratings Linked To U.S. Public
