...S&P Global Ratings assigned its '##+' long-term rating to the Minnesota Housing Finance Agency's (MHFA) series 2019F 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's ability to fully pay bondholders with revenues, 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...
