The 'AAA' long-term rating assigned to Michigan Finance Authority's (MFA) series 2010A-2010C taxable school loan revolving fund revenue and refunding bonds is based on the application of the low correlation joint criteria table where MFA is rated 'AA-' and the letter of credit (LOC) providers--Bank of America, N.A. for series 2010A, PNC Bank, N.A. for series 2010B, and Bank of Montreal for series 2010C--are all rated 'A+/A-1'. The 'A-1' short-term rating assigned to the bonds reflects the short-term rating on the banks. The LOCs provide coverage for payment of principal of and interest on the bonds, including payment of unremarketed tendered bonds. The initial LOCs provide for a maximum of 43 days' interest coverage at 15% per year. The anticipated
