S&P Global Ratings assigned its 'AA+' rating to Minnesota Housing Finance Agency's (MHFA) series 2016B rental-housing bonds and affirmed its 'AA+' ratings on MHFA's related debt. We also affirmed our 'AA+' issuer credit rating (ICR) on MHFA. The outlook on all the ratings is stable. The 'AA+' rating reflects our opinion of the general obligation (GO) pledge of MHFA, for which we maintain an ICR on the agency. The rating reflects our opinion of MHFA's: GO pledge backing the bonds, with extremely sound financial operations, good overall asset quality, strong and stable management, and strong state support and economic performance supporting the agency's creditworthiness; Very strong performance of the rental-housing loan portfolio, evidenced by extremely good delinquency statistics and the
