Standard&Poor's Ratings Services assigned its 'AA+' rating to Minnesota Housing Finance Agency's (MHFA's) series 2015D rental housing bonds. At the same time, Standard&Poor's affirmed its 'AA+' issuer credit rating (ICR) on the agency, and its 'AA+' and 'AA+/A-1+' ratings on MHFA's related debt. The outlook on all issues is stable. The ratings reflect our view of these credit strengths: The agency's general obligation (GO) pledge backing the bonds (the agency's creditworthiness is supported by extremely sound financial operations, good overall asset quality, strong and stable management, and strong state support and economic performance); The very strong performance of the rental housing loan portfolio, evidenced by extremely good delinquency statistics and the agency's strong oversight; and Cash
