Standard&Poor's Ratings Services has assigned its 'AAA' rating to Michigan Finance Authority's (MFA) series 2013 clean water and drinking water subordinate revolving fund bonds. We have also affirmed our 'AAA' rating on MFA's previously issued debt under its master indenture. The outlook on the ratings is stable. The ratings reflect the following characteristics: An extremely strong enterprise risk profile, given that the pool has ongoing support from multiple levels of government and was established by statute; and An extremely strong financial risk profile, with loss coverage score, operating performance, and financial policies consistent with this profile. The authority will use the proceeds of the 2013 bonds to refund certain maturities of its series 2004 clean and drinking water
