Michigan Finance Authority Revenue

CITY· MI· Unclaimed profile

Outstanding · as of 11/6/2026—(EMMA est.)

RatingsBaa1 Moody's · BBB S&P

Latest filing10/26/2026Other financial / operating data

Credit ratings

agency-stated

Moody's

Baa1

56 rated securities

S&P

BBB

52 rated securities

Ratings by reconciled issuer credit
Credit	Agency	Rating	Par	CUSIPs
Local Government Loan Program $443.7M
Local Government Loan Program $443.7M	Moody's	Aa3	$89.4M	1
		Aa2	$7.1M	2
	S&P	AA-	$388.0M	9
Unlimited General Obligation $411.8M
Unlimited General Obligation $411.8M	Moody's	Baa1	$268.4M	36
		Ba3	$76.2M	12
		Ba2	$12.5M	4
		A3	$1.6M	1
	S&P	BBB	$318.4M	40
		BB-	$11.7M	2
		BBBB+	$1.6M	1

Maturity profile

par maturing by year · as of 11/6/2026

Recent activity

rating actions & filings

Other Financial / Operating Data filed

10/26/2026 · Investor Call Presentation for October 26, 2026

Quarterly / Monthly Financial Information filed

10/15/2026 · PVM Obligated Group Financials with Covenant Calculations

Quarterly / Monthly Financial Information filed

10/13/2026 · Monthly Liquidity Information

Other Financial / Operating Data filed

10/9/2026 · Investor Call Invitation for October 26, 2026

Audited Financial Statements or ACFR filed

10/2/2026 · 2026 Audited Financial Statements - Trinity Health

Annual Financial Information and Operating Data filed

10/2/2026 · 2026 Summary of Results

In context

Among the largest MI issuers by debt outstanding · #1 of 1452

Debt overview

MuniPro reconciled book (16 series)

Outstanding par

$1.3B

Bond series

CUSIPs

Callable par

$770.7M

Avg coupon

4.44%

Avg maturity

10.3 yrs

Tax status

35% Tax-exempt 65% Taxable

35% of book Local Government Loan Program

$443.7M Aa2–Aa3 / AA- 6 series final 2043

33% of book · Financial Recovery Limited General Obligation

$429.6M 2 series final 2044

32% of book · Social Unlimited General Obligation

$411.8M A3–Ba3 / BBB–BBBB+ 8 series final 2050

Maturity profile

principal by maturity · debt service · ✓ QuantLib

Principal maturing by year, split by call status. Reconciled from MuniPro’s curated bond-level debt profile.

Outstanding securities

16 series · 85 CUSIPs

Credit / Series / CUSIP Tax Coupon Final Outstanding Callable

CUSIPCouponMaturityOutstandingCall

2510933Z15.00%4/1/2027$1.4M—

2510934A55.00%4/1/2028$1.5M—

2510934B35.00%4/1/2029$1.5M—

2510934C15.00%4/1/2030$1.6M—

2510934D95.50%4/1/2031$1.7M4/1/2030

2510934E75.50%4/1/2032$1.8M4/1/2030

2510934F45.50%4/1/2033$1.9M4/1/2030

2510934G25.50%4/1/2034$2.0M4/1/2030

2510934H05.50%4/1/2035$2.1M4/1/2030

2510934J65.50%4/1/2036$2.2M4/1/2030

2510934K35.50%4/1/2037$2.3M4/1/2030

2510934L15.50%4/1/2038$2.5M4/1/2030

2510934M95.50%4/1/2039$2.6M4/1/2030

2510934N75.50%4/1/2040$2.7M4/1/2030

2510934P2Sinking fund5.50%4/1/2041$2.9M4/1/2030

2510934P2Sinking fund5.50%4/1/2042$3.0M4/1/2030

2510934P2Sinking fund5.50%4/1/2043$3.2M4/1/2030

2510934P2Sinking fund5.50%4/1/2044$3.4M4/1/2030

2510934P2Term bond5.50%4/1/2045$3.6M4/1/2030

2510934Q0Sinking fund5.50%4/1/2046$3.8M4/1/2030

2510934Q0Sinking fund5.50%4/1/2047$4.0M4/1/2030

2510934Q0Sinking fund5.50%4/1/2048$4.2M4/1/2030

2510934Q0Sinking fund5.50%4/1/2049$4.4M4/1/2030

2510934Q0Term bond5.50%4/1/2050$4.7M4/1/2030

24 maturities · first call 4/1/2030 · full schedule on EMMA

Compiled from MuniPro’s reconciled bond-level debt profile and Official Statements on EMMA. Certain obligations — bank loans, capital leases, or private placements — may not be reflected; not a substitute for the issuer’s audited financial statements.

Market activity

EMMA · secondary trades · latest compiled 11/4/2026

Each dot is a reported secondary trade — yield by trade date, sized by par, colored by trade side. Hover for detail.

Trade dateSecurityPriceYieldSizeSide

11/4 59447T5U3 102.20 2.73% 40,000 Customer Bought

11/4 59447T5U3 102.20 2.73% 40,000 Inter-Dealer Trade

11/4 59447T5U3 102.18 2.76% 90,000 Customer Bought

11/4 59447T5U3 102.16 2.77% 90,000 Inter-Dealer Trade

11/4 2510934P2 101.05 5.16% 300,000 Inter-Dealer Trade

11/4 2510934P2 101.05 5.16% 300,000 Customer Sold

Trade prints reported to the MSRB — a live market signal a manual issuer page cannot show.

20 callable securities in this sample carry a stated call price — refunding candidates as rates move.

Recent rating actions

Moody's · S&P · Fitch · KBRA

Moody's Rating Action: Moody's Ratings upgrades City of Detroit, MI to A3; outlook stable 21 May 2026 New York, May 21, 2026 -- Moody's Rat…

5/21/2026

Upgrade Baa1 → A3 Outlook Stable

View the filing on EMMA ↗

S&P Detroit GO Rating Raised To 'BBB+'; Detroit Public Lighting Authority Debt Rating Raised To 'A' View Analyst Contact Information • …

5/19/2026

Upgrade BBB → BBB+ Outlook Stable

View the filing on EMMA ↗

Moody's Short term rating: downgrade of McLaren's long term bond rating to A3 or below PROFILE McLaren operates hospitals and related medic…

11/14/2025

Downgrade A3

View the filing on EMMA ↗

S&P 30, 2025--S&P Global Ratings today withdrew its 'A' long-term ratings on the series 2016 and series 2019A bonds issued on behalf of…

10/30/2025

Withdrawn A

View the filing on EMMA ↗

S&P 19 Million Local Government Loan Program Bonds Rated 'A-'; Outlook Is Stable View Analyst Contact Information • S&P Global Ratings …

8/19/2025

Initial A- Outlook Stable

View the filing on EMMA ↗

Moody's Rating Action: Moody's Ratings upgrades City of Detroit, MI's issuer and GO ratings to Baa1 from Baa2; outlook positive 27 Jun 2025…

6/27/2025

Upgrade Baa2 → Baa1 Outlook Positive

View the filing on EMMA ↗

S&P COM/RATINGSDIRECT JANUARY 31, 2025 1 Michigan Finance Authority Henry Ford Health System; System CreditProfile MichiganFinanceAutho…

1/31/2025

Affirmed A Outlook Stable

View the filing on EMMA ↗

S&P 19millocalgovernmentloanprogrevbnds(Detroit)ser2024due11/01/2029 LongTermRating AA-/Stable New MichiganFinanceAuthority,Michigan De…

9/26/2024

Initial AA-

View the filing on EMMA ↗

Moody's Rating Action: Moody's Ratings assigns Aa2 ENH to Detroit, MI's 5th lien DSA bonds 25 Sep 2024 New York, September 25, 2024 -- Mood…

9/25/2024

Initial Aa2

View the filing on EMMA ↗

Fitch RATING ACTION COMMENTARY Fitch Afrms McLaren Health Care (MI) at 'AA-'; Outlook Stable Fri 07 Mar, 2025 - 2:01 PM ET Fitch Ratings …

8/25/2024

Downgrade AA- Outlook Stable

View the filing on EMMA ↗

Moody's ("Moody's") changed its long- term rating assigned to all of the Obligated Group's Outstanding Bonds from "A2" to "A3" and revised …

12/16/2022

Initial A2 → A3

View the filing on EMMA ↗

S&P COM/RATINGSDIRECT MAY 3, 2022 1 Michigan Finance Authority Henry Ford Health System; System CreditProfile MichiganFinanceAuthority,…

5/3/2022

Initial A Outlook Stable

View the filing on EMMA ↗

Rating actions as disclosed by the issuer to the MSRB’s EMMA system under SEC Rule 15c2-12; the ratings are the opinions of the respective rating agencies (Moody's, S&P Global Ratings, Fitch Ratings, KBRA). Dates are the rating-action dates stated in each notice.

Michigan Finance Authority Revenue

Credit ratings

Maturity profile

Recent activity

Debt overview

Maturity profile

Outstanding securities

Market activity

Recent rating actions

Document library

Disclosure record

Standing

Credentials on record

Dated obligations

Record quality

Frequently asked questions