Minnesota Housing Finance Agency 2018B Rental-Housing Bonds Assigned 'AA+' Rating

NEW YORK (S&P Global Ratings) Sept. 21, 2018--S&P Global Ratings assigned its 'AA+' rating to the Minnesota Housing Finance Agency's (MHFA) series 2018B rental-housing bonds. At the same time, S&P Global Ratings affirmed its 'AA+' rating on MHFA's related debt. The outlook is stable. The rating reflects our view of the following credit strengths: MHFA's general obligation (GO) pledge, on which we maintain a 'AA+' issuer credit rating (ICR) based on high asset quality, very strong executive management, and continued strong state support, among other factors; Very strong performance of the rental housing mortgage loan portfolio, evidenced by extremely good delinquency statistics and the agency's strong oversight; Cash flows demonstrating the program revenues' ability to fully pay bondholders without the

...NEW YORK (S&P Global Ratings) Sept. 21, 2018--S&P Global Ratings assigned its '##+' rating to the Minnesota Housing Finance Agency's (MHFA) series 2018B rental-housing bonds. At the same time, S&P Global Ratings affirmed its '##+' rating on MHFA's related debt. The outlook is stable. The rating reflects our view of the following credit strengths: + MHFA's general obligation (GO) pledge, on which we maintain a '##+' issuer credit rating (ICR) based on high asset quality, very strong executive management, and continued strong state support, among other factors; + Very strong performance of the rental housing mortgage loan portfolio, evidenced by extremely good delinquency statistics and the agency's strong oversight; + Cash flows demonstrating the program revenues' ability to fully pay bondholders without the support of available funds from the GO pledge; and + The moral obligation pledge of the State of Minnesota to the agency and bondholders under the rental-housing bond resolution. The...

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