...S&P Global Ratings assigned its '##+' rating to the Minnesota Housing Finance Agency's (MHFA) series 2019A rental housing bonds and 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. Offsetting these credit strengths is the agency's leverage ratio (equity to assets),...
