Standard&Poor's Ratings Services assigned its 'A+' long-term rating, and stable outlook, to Michigan Finance Authority's series 2012D local government loan program revenue bonds (school program bonds). The rating reflects our opinion of the authority's: Very strong coverage of maximum annual debt service (MADS) by pledged revenues; Mechanism providing for the intercept of state school aid of the participating district in the event of a payment shortfall; and Constitutional commitment of the state for education funding. Securing the bonds is the repayment of a loan made by the authority to one participating school district, with the loan secured by a pledge of state aid payments to be received by the district. The authority has pledged its rights under the
