Two Ratings Raised And One Affirmed On Michigan Finance Authority Series 2016-1

OVERVIEW We raised our ratings on the class A-1 and B notes and affirmed our rating on the class A-2 notes from Michigan Finance Authority's series 2016-1. The rating actions reflect our view that the increases in the transaction's credit enhancement levels are sufficient to support the class A-1 and B notes at the higher rating levels and the class A-2 notes at the current rating level. NEW YORK (S&P Global Ratings) Jan. 25, 2019--S&P Global Ratings today raised its ratings on the class A-1 and B notes and affirmed its rating on the class A-2 notes from Michigan Finance Authority's series 2016-1, an asset-backed securities transaction backed by a pool of student loans originated through the U.S. Department of

...OVERVIEW + We raised our ratings on the class A-1 and B notes and affirmed our rating on the class A-2 notes from Michigan Finance Authority's series 2016-1. + The rating actions reflect our view that the increases in the transaction's credit enhancement levels are sufficient to support the class A-1 and B notes at the higher rating levels and the class A-2 notes at the current rating level. NEW YORK (S&P Global Ratings) Jan. 25, 2019--S&P Global Ratings today raised its ratings on the class A-1 and B notes and affirmed its rating on the class A-2 notes from Michigan Finance Authority's series 2016-1, an asset-backed securities transaction backed by a pool of student loans originated through the U.S. Department of Education's (ED's) Federal Family Education Loan Program (FFELP). We considered the transaction's collateral performance, changes in credit enhancement, and capital and payment structures in our review. We also considered secondary credit factors, such as a peer comparison and...

Ratings Action