State of Michigan

STATE· MI· Unclaimed profile

Outstanding · as of 11/6/2026—

RatingsAa1 Moody's · AA+ S&P · AA+ Fitch

Latest filing10/1/2026Annual financial statements

Credit ratings

agency-stated

Moody's

Aa1

125 rated securities

S&P

AA+

94 rated securities

Fitch

AA+

55 rated securities

Ratings by reconciled issuer credit
Credit	Agency	Rating	Par	CUSIPs
State Trunkline Fund $3.6B
State Trunkline Fund $3.6B	Moody's	Aa1	$2.8B	58
		Aa2	$273.1M	12
		A2	$127.1M	1
	S&P	AA+	$3.2B	73
		AA	$127.1M	1
Environment $654.5M
Environment $654.5M	Moody's	Aa1	$636.9M	43
	S&P	AA	$186.9M	9
	Fitch	AA+	$602.2M	38
		AA	$52.3M	6
School Loan $130.5M
School Loan $130.5M	Moody's	Aa1	$129.0M	10
	S&P	AA	$130.5M	11
	Fitch	AA+	$115.3M	7
		AA	$15.2M	4

Maturity profile

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

Recent activity

rating actions & filings

Official statement posted

9/14/2026 · GENERAL OBLIGATION ENVIRONMENTAL PROGRAM AND REFUNDING BONDS, S…

Official statement posted

9/2/2026 · GENERAL OBLIGATION ENVIRONMENTAL PROGRAM BONDS, SERIES 2026A (F…

Official statement posted

8/26/2026 · GENERAL OBLIGATION ENVIRONMENTAL PROGRAM BONDS, SERIES 2026A (F…

Official statement posted

8/25/2026 · STATE TRUNK LINE FUND BONDS, SERIES 2026 (REBUILDING MICHIGAN P…

Annual Financial Information and Operating Data filed

4/22/2026 · Financial Operating Filing

Annual Financial Information and Operating Data filed

5/19/2025 · State of Michigan Annual Financial Filing, Audited Financial St…

In context

Among the largest MI issuers by debt outstanding · #10 of 1452

Debt overview

MuniPro reconciled book

Outstanding par

$4.4B

Bond series

CUSIPs

138

Callable par

$3.2B

Avg coupon

4.69%

Avg maturity

10.6 yrs

Tax status

95% Tax-exempt 5% Taxable

82% of book State Trunkline Fund

$3.6B Aa1–A2 / AA+–AA 8 series final 2049

15% of book Environment

$654.5M Aa1 / AA / AA+–AA 8 series final 2040

3% of book School Loan

$130.5M Aa1 / AA / AA+–AA 2 series final 2033

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

18 series · 138 CUSIPs

Credit / Series / CUSIP Tax Coupon Final Outstanding Callable

CUSIPCouponMaturityOutstandingCall

5946953U05.00%11/15/2026$21.8M—

5946953V85.00%11/15/2027$16.6M—

5946953W65.00%11/15/2028$23.1M—

5946953X45.00%11/15/2029$29.4M—

5946953Y25.00%11/15/2030$31.2M—

5946953Z95.00%11/15/2031$22.8M—

5946954A35.00%11/15/2032$24.4M—

5946954B15.00%11/15/2033$28.2M—

5946954C95.00%11/15/2034$30.1M11/15/2033

5946954D75.00%11/15/2035$32.0M11/15/2033

5946954E55.00%11/15/2036$31.9M11/15/2033

5946954F25.00%11/15/2037$33.5M11/15/2033

5946954G05.00%11/15/2038$37.7M11/15/2033

5946954H85.00%11/15/2039$39.5M11/15/2033

5946954J45.00%11/15/2040$49.1M11/15/2033

5946954K15.00%11/15/2041$51.1M11/15/2033

5946954L95.00%11/15/2042$78.0M11/15/2033

5946954M75.00%11/15/2043$82.0M11/15/2033

5946954N55.50%11/15/2044$86.4M11/15/2033

5946954P0Sinking fund5.00%11/15/2045$61.0M11/15/2033

5946954P0Term bond5.00%11/15/2046$109.1M11/15/2033

5946954R6Sinking fund5.50%11/15/2047$45.3M11/15/2033

5946954Q8Sinking fund5.25%11/15/2047$36.6M11/15/2033

5946954R6Sinking fund5.50%11/15/2048$47.9M11/15/2033

5946954Q8Sinking fund5.25%11/15/2048$38.5M11/15/2033

5946954R6Term bond5.50%11/15/2049$50.6M11/15/2033

5946954Q8Term bond5.25%11/15/2049$40.6M11/15/2033

27 maturities · first call 11/15/2033 · full schedule on EMMA

CUSIPCouponMaturityOutstandingCall

594695Y855.00%11/15/2027$55.5M—

594695Y935.00%11/15/2028$52.7M—

594695Z275.00%11/15/2029$50.3M—

594695Z355.00%11/15/2030$48.3M—

594695Z435.00%11/15/2031$35.0M11/15/2030

594695Z505.00%11/15/2032$32.6M11/15/2030

594695Z685.00%11/15/2033$34.5M11/15/2030

594695Z765.00%11/15/2034$15.0M11/15/2030

594695Z845.00%11/15/2035$15.0M11/15/2030

594695Z925.00%11/15/2036$42.4M11/15/2030

5946952A54.00%11/15/2037$44.0M11/15/2030

5946952B34.00%11/15/2038$46.1M11/15/2030

5946952C14.00%11/15/2039$48.4M11/15/2030

5946952D94.00%11/15/2040$53.5M11/15/2030

5946952F4Sinking fund5.00%11/15/2041$8.5M11/15/2030

5946952E74.00%11/15/2041$25.3M11/15/2030

5946952F4Sinking fund5.00%11/15/2042$9.0M11/15/2030

5946952G2Sinking fund4.00%11/15/2042$34.0M11/15/2030

5946952F4Sinking fund5.00%11/15/2043$9.4M11/15/2030

5946952G2Sinking fund4.00%11/15/2043$35.4M11/15/2030

5946952F4Sinking fund5.00%11/15/2044$9.9M11/15/2030

5946952G2Sinking fund4.00%11/15/2044$36.8M11/15/2030

5946952F4Term bond5.00%11/15/2045$10.4M11/15/2030

5946952G2Term bond4.00%11/15/2045$38.3M11/15/2030

24 maturities · first call 11/15/2030 · 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 5946954N5 106.70 4.38% 40,000 Customer Bought

11/4 5946954N5 106.70 4.38% 40,000 Inter-Dealer Trade

11/4 5946954N5 106.64 4.39% 40,000 Inter-Dealer Trade

11/4 594612DR1 101.05 2.82% 50,000 Customer Bought

11/4 594612DR1 101.05 2.82% 50,000 Inter-Dealer Trade

11/4 5946954S4 102.17 2.84% 25,000 Inter-Dealer Trade

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.

State of Michigan

Credit ratings

Maturity profile

Recent activity

Debt overview

Maturity profile

Outstanding securities

Market activity

Document library

Disclosure record

Standing

Credentials on record

Dated obligations

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