Standard&Poor's Ratings Services affirmed its 'AA+/A-1' on Minnesota Housing Finance Agency's (MHFA) residential housing finance bonds series 2004G, 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 Royal Bank of Canada (AA-/A-1+). On the effective day of July 18, 2012, we will upgrade the rating to 'AA+/A-1+'. The 'AA+' long-term component of the rating is based 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 the agreement are weekly, monthly, quarterly, semiannual, term, and flexible. The bonds
