Michigan Finance Authority Series 2021-1: Rating Report

DBRS, Inc. (DBRS Morningstar) finalized its provisional ratings on the Michigan Finance Authority Series 2021-1 (MFA 2021-1) Series A-1A Notes and Series A-1B Notes (collectively, the Notes). A portion of proceeds from the sale of the Notes were applied to refinance student loans presently pledged by the Issuer under various indentures. The DBRS Morningstar ratings address the timely payment of interest and the full payment of principal in accordance with the terms and conditions of the MFA 2021-1 transaction documents.