Summary: Minnesota Housing Finance Agency; General Obligation

S&P Global Ratings assigned its 'AA+' rating to Minnesota Housing Finance Agency's (MHFA) series 2018 ABCD residential housing finance bonds. At the same time, S&P Global Ratings affirmed its 'AA+' issuer credit rating (ICR) on MHFA, and its 'AA+' and 'AA+/A-1+' ratings on the agency's related debt. The outlook on all ratings is stable. The rating reflects our view of the following credit strengths: MHFA's general obligation (GO) pledge that secures the bonds (with such creditworthiness supported by a portfolio with high overall asset quality, strong and stable management, and strong state support); Very strong residential housing assets, with the mortgage-backed securities (MBS) portion of the portfolio exceeding 50%, in addition to whole loans; Cash flows demonstrating the ability of

...S&P Global Ratings assigned its '##+' rating to Minnesota Housing Finance Agency's (MHFA) series 2018 ABCD residential housing finance bonds. At the same time, S&P Global Ratings affirmed its '##+' issuer credit rating (ICR) on MHFA, and its '##+' and '##+/A-1+' ratings on the agency's related debt. The outlook on all ratings is stable. The rating reflects our view of the following credit strengths: + MHFA's general obligation (GO) pledge that secures the bonds (with such creditworthiness supported by a portfolio with high overall asset quality, strong and stable management, and strong state support); + Very strong residential housing assets, with the mortgage-backed securities (MBS) portion of the portfolio exceeding 50%, in addition to whole loans; + Cash flows demonstrating the ability of program revenue to pay bondholders in full without the support of available funds from the agency's GO pledge. The 2018 bonds are general obligations of the agency. It will use the funds both to refund...

Summary