...S&P Global Ratings affirmed its 'A+' rating on various Michigan Finance Authority school program bonds, issued on behalf of local school districts. The outlook is positive. We also affirmed our 'A+' rating on various series of local project bonds issued by the Authority, for three different school districts. The outlook is positive. The 'A+' ratings are based on our State Credit Enhancement (SCE) criteria, and reflect the benefit each school district receives from strong Authority (and state of Michigan) oversight as well as the strength and availability of school state aid, which would be diverted to the Authority if a school district cannot make its full and timely debt service payment. S&P Global Ratings rates intercept or withholding programs that meet certain requirements at a level one notch off of the state general obligation (GO) rating. Accordingly, if Michigan's GO rating (or outlook) changes, so will the enhancement rating. We note that in certain instances prior to September...
