Summary: Michigan Higher Education Facility Authority Hope College; Joint Criteria Mar 12

Standard & Poors, March 2012

Abstract
Standard & Poor's Ratings Services lowered to 'AA+/A-1' from 'AAA/A-1' its rating on Michigan Higher Education Facility Authority's variable-rate demand limited obligation revenue bonds (Hope College Project), series 2002B. This action follows Standard & Poor's Dec. 6, 2011, downgrade of PNC Bank N.A. to 'A/A-1' from 'A+/A-1' (see "Standard & Poor's Applies Its Revised Bank Criteria To 31 North American Regional Banks And Their Subsidiaries", published Dec. 6, 2011, on RatingsDirect on the Global Credit Portal). The long-term component of the rating is jointly based on the rating on obligor Hope College and the letter of credit provider, PNC Bank, assuming low correlation. The short-term component of the rating is based solely on the rating on PNC Bank. The bonds...

Companies mentioned in this report are: Hope Coll,Michigan Hgr Ed Fac Auth
Action: Downgraded

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Hope Coll,Michigan Hgr Ed Fac Auth

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