S&P Global Ratings affirmed its 'AAA' rating to the Michigan Finance Authority's (MFA) 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 (LCS), 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 backed by pools of public-sector assets as highly sensitive to country risk, the rating on the
