Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Minnesota Housing Finance Agency's (MHFA) 2013 series A-1, A-2, B-1, and B-2 rental housing bonds. At the same time, Standard&Poor's affirmed its 'AA+' issuer credit rating (ICR) on MHFA. Finally, Standard&Poor's affirmed its 'AA+' and 'AA+/A-1+' long-term ratings and 'AA+' underlying rating (SPUR) on MHFA's related debt. The outlook on all issues is stable. The ratings reflect our view of: The agency's general obligation (GO) pledge backing the bonds; The agency's creditworthiness reflected by extremely sound financial operations, good overall asset quality, strong and stable management, strong state support, and economic performance; The very strong performance of the rental housing mortgage loan portfolio, evidenced by
