Standard&Poor's Ratings Services has affirmed its 'AA+/A-1' rating on Minnesota Housing Finance Agency's (MHFA) residential housing finance bonds series 2003B, 2003J, 2005C, and 2005I, due to the proposed substitution of the existing standby bond purchase agreements (SBPAs) provided by Lloyds TSB Bank PLC (A/A-1) with new SBPAs provided by the Royal Bank of Canada (AA-/A-1+). On the effective date of July 18, 2012, we will raise the rating to 'AA+/A-1+' to reflect the SBPA substitution. The 'AA+' long-term component of the rating is based on the unenhanced rating on the resolution. The SBPA provides coverage for the aggregate principal and interest in an amount equal to 184 days at a maximum rate of 12%. The modes covered by
