Standard&Poor's Ratings Services has assigned its 'AAA' long-term rating to Michigan Finance Authority's (MFA) series 2012 clean water revolving fund revenue refunding bonds, clean water revolving fund revenue bonds, and drinking water revolving fund revenue refunding bonds. We have also affirmed the 'AAA' long-term rating on MFA's previously issued debt under its master indenture. The ratings reflect the following characteristics: 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. The authority will use the series 2012 bond proceeds to refund several series of outstanding
