...S&P Global Ratings has assigned its '##+/A-1+' rating to Minnesota Housing Finance Agency's (MHFA) 2017 residential housing finance bonds 2017 series C. At the same time, S&P Global Ratings affirmed its '##+' and '##+/A-1+' ratings on the agency's debt, as well as its '##+' issuer credit rating (ICR) on the agency. The outlook is stable. The 2017 C bonds are variable-rate demand obligations. The '##+' long-term component of the 2017 C rating reflects our view of the MHFA. The 'A-1+' short-term component of the 2017 C rating reflects the short-term rating on Federal Home Loan Bank of Des Moines (##+/Stable/A-1+), which is providing an enhancement for the bonds in the form of a standby bond purchase agreement (SBPA). The SBPA will cover principal and interest payments for the purchase price of bonds that are not successfully remarketed during the enhanced rated modes, which consist of the weekly, daily and monthly interest rate modes (the covered modes). The bonds may also be converted to...
