Standard&Poor's Ratings Services has assigned its 'AAA' long-term rating to Michigan Finance Authority's series 2011 clean water revolving fund and series 2011 drinking water revolving fund revenue refunding bonds, reflecting: Reserve levels that exceed default tolerance criteria for a 'AAA' rated program despite being invested in agreements with counterparties having a Standard&Poor's rating as low as 'BBB', A relatively strong credit profile of municipal borrowers, An experienced management team with a track record of strong program management, and Indenture provisions that permit investments between both pools to prevent bond defaults and maintain sufficient reserves. Security on the bonds is provided primarily through repayments of loan revenues, as well as various reserves and reserve fund earnings. In
