Standard&Poor's Ratings Services affirmed its 'AA/A-1' rating on Michigan State Hospital Finance Authority's variable-rate revenue bonds (Trinity Health) bonds series 2000E in conjunction with the proposed first amendment to the standby bond purchase agreement (SBPA). The bonds have been removed from CreditWatch with negative implications due to the fact the long-term rating no longer reflects the rating of the bond insurer, Ambac Assurance Corp. but rather the rating of the obligor, Trinity Health. The long-term component of the rating reflects the likelihood that the debt service will be paid over the life of the issue. The short-term component of the rating represents the likelihood of payment of tenders and reflects a liquidity facility provided by Comerica Bank (A-1).
