The rating affirmations for the Minnesota Housing Finance Agency (MHFA) reflect: Extremely sound financial operations with strong capital adequacy ratios, Good overall asset quality with prudent oversight, A stable and strong management team, Clear indications of state support for the agency's operations and mission, and The state's strong economic performance. Credit risks include a moderate percent of multifamily mortgage loan assets and low-to-moderate GO debt leverage. Simultaneously, MHFA's top-tier status is affirmed, reflecting the agency's ability and willingness to provide additional credit strength to all rated debt. The agency has over $2 billion in rated debt outstanding as of June 30, 1998 with three-quarters rated 'AA+' based on the programmatic strength of the single-family indenture, and the remaining bonds (predominantly
