The 'SP-1+' rating on Michigan Finance Authority's revenue notes series 2010D-1 reflects the following credit factors: Pledged security of state aid to be received from January through August 2011. The Michigan state treasurer's obligation to intercept and, if needed, advance and withhold appropriated state aid payments from the participating school district's state education aid. Strong structural features include early set-aside of pledged revenues in the district's note repayment accounts to ensure that the accounts are fully funded before the notes' final maturity. All borrowers are expected to have the full payment set aside one full month before final note maturity. Debt service coverage for all participating school districts' pledged state aid is at least 1.4x. As security for repayment of
