Standard&Poor's Ratings Services affirmed its 'AA+' issuer credit rating (ICR) on MINNESOTA HOUSING (f/k/a Minnesota Housing Finance Agency) and its 'AA+' long-term rating and underlying rating (SPUR) on the agency's related debt. The outlook is stable. The agency's general credit strengths include our view of its: Strong loan portfolio reflecting a high asset quality and very strong equity position; Very strong liquidity, leverage, and capital adequacy ratios; Strong executive management team dedicated to proactive and strategic planning; and Record of very strong state support for the agency's operations and mission. Although the agency could revive from its year-over-year net loss, the above-mentioned credit strengths are partially offset by our view of volatile trends in revenue growth and a
