Standard&Poor's Ratings Services has affirmed its 'AA+/A-1' rating on Minnesota Housing Finance Agency's (MHFA) residential housing finance bonds series 2005M, due to the proposed substitution of the existing standby bond purchase agreement (SBPA) provided by Lloyds TSB Bank PLC (A/A-1) with a SBPA provided by the Wells Fargo Bank National Association (AA-/A-1+). On the effective date of July 18, 2012, we will upgrade the rating to 'AA+/A-1+' to reflect the SBPA resolution. The 'AA+' long-term component of the rating on the bonds is based on the unenhanced rating on the resolution. The SBPA provides coverage for the aggregate principal and interest in an amount equal to 189 days at a maximum rate of 12%. The modes covered by
