Rating On Michigan Finance Authority#s 2004A Local Government Loan Program Revenue Bonds (Ambac Insured Bonds) Withdrawn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


Latest Press Release

Photo Release: Indorama Ventures Supports the Stock Exchange of Thailands Sustainability Initiatives

To support the Stock Exchange of Thailand (SET)'s sustainability initiatives, Indorama Ventures PCL ("IVL") volunteered to educate the SET's employees on their "SET: October Green Fest" day to encourage the public to understand more about waste...

Leading Architectural Design Firms B+H and SAA Join Surbana Jurong Group

Surbana Jurong, one of the largest Asia-based urban and infrastructure development consultancies, is set to form one of the largest architectural groupings in the world with the joining of two leading architectural firms, Canadian-headquartered B+H and...

SET welcomes consumer products conglomerate Osotspa on October 17

The Stock Exchange of Thailand (SET) will list Osotspa pcl, a leading consumer goods manufacturer and distributor in Thailand and ASEAN, on October 17, under the ticker symbol "OSP". The company has a market capitalization at its initial public offering...

KTC joins hands with Aetna in providing members special privileges for health and travel insurance purchases.

"KTC" or Krungthai Card Public Company Limited, by Mr. Suwat Tepprechasakul, Vice President - Credit Card Business, partners with Mr. Kachen Kungsadannatee, Sales & Marketing Director, Aetna Health Insurance (Thailand) Public Company Limited, in...

Photo Release: KBank and Siam Piwat team up with Fitbit and VISA A new dimension of cashless shopping via Fitbit Pay

Mr. Amorn Suvachittanont (2nd from the right), KBank First Senior Vice President and Mr. Anawat Sangkhasap (right), Siam Piwat Senior Deputy Managing Director Strategic Marketing and Planning Division have joined hands with world-class partners Fitbit...

Related Topics