CHICAGO (S&P Global Ratings) April 25, 2018--S&P Global Ratings has resolved its CreditWatch on various Michigan Finance Authority revenue sharing bonds, and on one series of Authority local project bonds (issued for Dearborn Heights), by raising the ratings to 'A+' from 'A'. The outlook is positive. The bonds were all issued on behalf of one or multiple local governments (LGs).
The 'A+' ratings are based on our State Credit Enhancement (SCE) criteria, and reflect the benefit each LG receives from strong Authority (and state of Michigan) oversight as well as the strength and availability of distributable state aid (DSA), which would be diverted to the Authority if a LG cannot make its full and timely debt service payment.
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