Summary: Michigan Finance Authority; School State Program - S&P Global Ratings’ Credit Research

Summary: Michigan Finance Authority; School State Program

Summary: Michigan Finance Authority; School State Program - S&P Global Ratings’ Credit Research
Summary: Michigan Finance Authority; School State Program
Published Jun 09, 2011
1285 words — Published Jun 09, 2011
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Abstract:

Standard&Poor's Ratings Services assigned its 'A+' long-term rating and stable outlook to Michigan Finance Authority's series 2011D local government loan program revenue bonds (school program bonds) and affirmed the 'A+' rating on the authority's existing school program bonds. The rating reflects 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

  
Brief Excerpt:

RESEARCH Summary: Michigan Finance Authority; School State Program Publication date: 09-Jun-2011 Primary Credit Analyst: John Sauter, Chicago (1) 312-233-7027; john_sauter@standardandpoors.com Secondary Contact: David G Hitchcock,...

  
Report Type:

Summary

Issuer
Michigan Finance Authority
Sector
Global Issuers, Public Finance, Structured Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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MLA:
S&P Global Ratings’ Credit Research. "Summary: Michigan Finance Authority; School State Program" Jun 09, 2011. Alacra Store. May 17, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Michigan-Finance-Authority-School-State-Program-874246>
  
APA:
S&P Global Ratings’ Credit Research. (). Summary: Michigan Finance Authority; School State Program Jun 09, 2011. New York, NY: Alacra Store. Retrieved May 17, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Michigan-Finance-Authority-School-State-Program-874246>
  
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