S&P Global Ratings affirmed its 'AA+' issuer credit rating (ICR) on the Minnesota Housing Finance Agency (MHFA) and its 'AA+' long-term rating and underlying rating (SPUR) on the agency's related debt. At the same time, S&P Global Ratings affirmed its 'A-1+' short-term rating on some issues, reflecting the rating on the bonds' liquidity providers. The outlook is stable. The ICR reflects our view of the following: A strong loan portfolio, reflecting high asset quality and a growing equity position; A very strong executive management team dedicated to proactive and strategic planning; and A record of very strong state support for the MHFA's operations and mission. Offsetting these strengths, in our opinion, are the agency's below-average leverage ratio (equity to assets)
