S&P Global Ratings affirmed its 'AA+' issuer credit rating (ICR) on the 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; Very strong loan portfolio, reflecting high asset quality and a very strong equity position; Very strong profitability, leverage, and capital adequacy ratios; Very strong executive management team dedicated to proactive and strategic planning; and Record of very strong state support for the agency's operations and mission. Offsetting those credit strengths is the agency's debt ratio, which we view as below average compared to similarly rated peers. Minnesota Housing's asset base totaled $3.15 billion in fiscal 2016,
