Rating On Michigan Finance Authority#s 2004A Local Government Loan Program Revenue Bonds (Ambac Insured Bonds) Withdrawn

Stocks and Financial Services Press Releases Wednesday May 16, 2018 10:22
CHICAGO--16 May--S&P Global Ratings

CHICAGO (S&P Global Ratings) May 15, 2018--S&P Global Ratings corrected by withdrawing its 'AA-' long-term rating and 'AA-' underlying rating (SPUR) on the Michigan Finance Authority's series 2004A Ambac Insured bonds, issued as part of its series 2004A local government loan program revenue bonds.

We incorrectly rated the Ambac Insured bonds portion of the series 2004A local government loan program (LGLP) revenue bonds based on enhancement from the Michigan School Bond Qualification and Loan Program. We originally assigned a rating to the State Qualified School bonds, which were expected to be issued as a separate portion of the LGLP revenue bonds, based on the enhancement. However, the State Qualified School bonds were not issued as a separate portion, and the enhanced rating was incorrectly applied to the Ambac Insured bonds. The Ambac Insured bonds remain outstanding, issued on behalf of multiple local governments. Currently, no loans securing the Ambac Insured bonds benefit from the enhancement provided by the Michigan School Bond Qualification and Loan Program.

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.capitaliq.com. All ratings affected by this rating action can be found on S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.


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