S&P rates Michigan school loan bonds AA-/A-1

Standard & Poor's said it assigned ratings of AA-/A-1 to the Michigan Municipal Bond Authority's $548.95 million of school loan revolving fund revenue and refunding bonds, taxable series 2008A-1, 2008A-2, 2008A-3 and 2008A-4. The outlook is stable.

The issue includes $148.945 million of series 2008A-1 bonds, $100 million of series 2008A-2, $150 million of series 2008A-3 and $150 million of series 2008A-4 bonds.

The short-term component reflects standby bond purchase agreements provided by Depfa Bank plc.

S&P also said it affirmed the AA- underlying rating and stable outlook on the authority's outstanding school-loan bonds.

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