S&P Global Ratings assigned its 'AAA' rating to Michigan Finance Authority's (MFA) clean water revolving fund and revenue refunding bonds, series 2016B. We also affirmed the 'AAA' rating on MFA's outstanding clean water and drinking water state revolving fund bonds. The outlook on all ratings is stable. The rating reflects our view of: 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. Security on the bonds is provided primarily through loan revenue repayments, as well as various reserves and reserve fund earnings. Because we view securitizations
