...S&P Global Ratings assigned its '###' rating to the Michigan Finance Authority's (MFA) series 2018B clean water revolving fund revenue and revenue refunding bonds, and affirmed its '###' rating on the authority's clean water and drinking water revolving fund bonds outstanding. The outlook on all ratings is stable. The 2018B bonds will refund the existing series 2018A bond anticipation notes, MFA's clean water series 2007 bonds, and to provide new money for additional borrower obligations. The rating reflects our view of MFA's: + Extremely strong enterprise risk profile, given that the pool has ongoing support from multiple levels of government and was established by statute; and + 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 borrower obligation revenue repayments, as well as various reserves and reserve fund earnings. Because we view...
