Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Minnesota Housing Finance Agency's (MHFA) rental housing bonds series 2010A and 2010B. At the same time, Standard&Poor's affirmed its 'AA+' long-term and underlying ratings (SPUR) on the agency's outstanding debt. The outlook is stable. The rating reflects our opinion of the agency's: General obligation (GO) pledge (AA+/Positive) 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; Very strong performance of the rental housing mortgage loan portfolio, as evidenced by extremely good delinquency statistics and the strong oversight provided by the agency; and Cash flows that are able to
