S&P Global Ratings' issuer credit rating (ICR) on the Minnesota Housing Finance Agency (Minnesota Housing) is 'AA+'. The outlook is stable. An ICR reflects our view of an obligor's general creditworthiness, focusing on its capacity and willingness to meet financial commitments as they come due. It does not apply to any specific financial obligation because it does not consider the obligation's nature and provision, standing in bankruptcy or liquidation, statutory preferences, or legality and enforceability. The ICR reflects our view of Minnesota Housing's: Financial strength as measured by approximately $1 billion in equity, with a five-year equity-to-assets ratio of 21.2% and a net-equity-to-assets ratio of 17.8%; Profitability evident in a five-year average return on assets (ROA) of 0.9% as well
