...S&P Global Ratings assigned its 'A+' rating to the Michigan Finance Authority's Local Government Loan Program Revenue Bonds (school program bonds), series 2018B, and affirmed its 'A+' rating on various Michigan Finance Authority school program bonds, all issued on behalf of local school districts. The outlook on all ratings 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. Each of these school program bonds are rated using...
