Minnesota Housing Finance Agency's (MHFA) 'AA+' issuer credit rating (ICR) and the ratings on its related debt reflect the financial strength of the agency and its solid overall operations. General credit strengths include: Very strong financial performance, marked by strong capital adequacy ratios; Excellent overall asset quality with prudent oversight; Extremely capable and proactive management; Ongoing state support for the agency's operations and mission; and The state's generally strong economic position. These strengths serve to mitigate the moderately high risk of the agency's asset base comprised mostly of single-family and multifamily whole loans. Reversal of past years' declines in the size of the single-family mortgage portfolio has helped the agency surmount a key challenge to ongoing stability. The total mortgage
