...S&P Global Ratings assigned its '##+' rating to the Minnesota Housing Finance Agency's (MHFA) series 2018B rental-housing bonds. At the same time, S&P Global Ratings affirmed its '##+' rating on MHFA's related debt. The outlook is stable. The rating reflects our view of the following credit strengths: + MHFA's general obligation (GO) pledge, on which we maintain a '##+' issuer credit rating (ICR) based on high asset quality, very strong executive management, and continued strong state support, among other factors; + Very strong performance of the rental housing mortgage loan portfolio, evidenced by extremely good delinquency statistics and the agency's strong oversight; + Cash flows demonstrating the program revenues' ability to fully pay bondholders without the support of available funds from the GO pledge; and + The moral obligation pledge of the State of Minnesota to the agency and bondholders under the rental-housing bond resolution. The agency's leverage ratio (equity to assets), which...
