...S&P Global Ratings affirmed its 'A' rating on Minneapolis' series 1993 multifamily housing revenue bonds (Olson Townhouses Section 8-assisted project). The outlook is stable. The rating reflects our opinion of the project's: + Very strong financial performance, as evidenced by three-year average debt service coverage (DSC) of 1.52x maximum annual debt service (MADS) based on 2016, 2017, and 2018 audited financials; + Extremely strong loss coverage on the bonds due to a 17% increase in net operating income between 2016 and 2018, and a bond maturity of December 2019, with a very low loan-to-value (LTV) ratio of 10%; + Extremely strong operating performance based on its 99.14% economic occupancy rate for fiscal 2018 and a waiting list of 69 applicants; + Debt service reserve fund (DSRF) sized at over 12 months' MADS; and + Very strong economic fundamentals and market dependencies, reflected by the size of the Minneapolis metro area and very strong average occupancy rate in the project's market...
