S&P Global Ratings raised its rating on Minnesota Housing Finance Agency's (MHFA) existing debt under the agency's rental housing bond resolution to 'AAA' from 'AA+'. At the same time, S&P Global Ratings assigned its 'AAA' long-term rating to the agency's $4.6 million series 2020A rental housing bonds. The outlook is stable. The upgrade reflects our analysis of the twin revenue streams securing the bonds--MHFA's rental resolution assets and the agency's general obligation (GO) pledge--according to our "Methodology: Rating Approach To Obligations With Multiple Revenue Streams," criteria, published Nov. 29, 2011. Specifically, debt under the resolution benefits from assets exceeding such debt by almost 4x. The rating reflects our opinion of: The rental bond resolution's significant overcollateralization in terms of assets
