Standard & Poor's Ratings Services said it has lowered its long-term rating to BB from BBB-minus on Michigan Finance Authority's series 2005 and series 2010 bonds, issued on behalf of Old Redford Academy and placed the ratings on CreditWatch with negative implications.

"The rating actions reflect our view of Old Redford Academy's adequate, but weak, financial metrics in conjunction with the increased credit risk posed by the IRS' revocation of the tax-exempt status of the Clothilde R. Smith Charitable Foundation, the school's foundation," said Standard & Poor's credit analyst Avani Parikh.

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