Fitch rates Michigan school loan bonds AA-/F1+

Fitch Ratings said it assigned an AA-/F1+ rating to Michigan Municipal Bond Authority's $560 million of school loan revolving fund revenue and refunding bonds, series 2008A (federally taxable).

The issue consists of $160 million of series 2008A-1 weekly rate bonds; $100 million of series 2008A-2 term rate bonds; $150 million of series 2008A-3 term rate bonds; and $150 million of series 2008A-4 term rate bonds.

The outlook on the long-term rating is stable.

The short-term rating is based on four standby bond purchase agreements from Depfa Bank plc, acting through its New York Branch.

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