Summary: Minnesota Housing Finance Agency; General Obligation; Multifamily Whole Loan

S&P Global Ratings assigned its 'AA+' rating to the Minnesota Housing Finance Agency's (MHFA) series 2019D rental housing bonds. At the same time, S&P Global Ratings affirmed its 'AA+' 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 'AA+' 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, with extremely good delinquency statistics and the agency's strong oversight; and Cash flows demonstrating the program revenues' ability to fully pay bondholders without the support of available funds from the

...S&P Global Ratings assigned its '##+' rating to the Minnesota Housing Finance Agency's (MHFA) series 2019D 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, with extremely good delinquency statistics and the agency's strong oversight; and + Cash flows demonstrating the program revenues' ability to fully pay bondholders without the support of available funds from the GO pledge. Offsetting these credit strengths is the agency's leverage ratio (equity to assets), which, at about 20%, we view as below average compared with those of similarly-rated peers. MHFA will...

Summary