S&P Global Ratings assigned its 'AA' rating and positive outlook to the Minnesota Housing Finance Agency's (MHFA) state appropriation bonds (housing infrastructure), series 2016A, 2016B, and 2016C, which are supported by appropriations from the State of Minnesota. The 'AA' appropriation rating on the MHFA bonds reflects our view of: The general credit characteristics of Minnesota (AA+/Positive); The state's demonstrated commitment to repaying its appropriation-backed obligations; and The standing appropriation nature of the obligation such that the legislature would have to appeal or the governor would have to unallot the appropriations for a pledged appropriation not to be made. The series 2016A,B, and C housing infrastructure bonds are payable under a continuing appropriation from the state's general fund, but that appropriation
