Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Minnesota Housing Finance Agency's (MHFA) rental housing bonds series 2012A-1 and 2012A-2. At the same time, Standard&Poor's affirmed its 'AA+' issuer credit rating (ICR) on MHFA and its ratings on MHFA's related debt. The outlook is stable. The rating reflects our view of the following credit strengths: The agency's GO pledge (AA+/Stable) 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
