Standard&Poor's Ratings Services has assigned its 'SP-1+' short-term rating to Michigan Finance Authority's state aid revenue notes series 2011C-1, reflecting the following credit factors: Pledged security of state aid to be received from January through August 2012; 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, including 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, with all borrowers 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
