S&P Global Ratings assigned its 'AAA' long-term rating to the Minnesota Housing Finance Agency's (MHFA, or the agency) $7.195 million rental housing bonds (RHB) 2025 series B (non-AMT). At the same time, we affirmed our 'AAA' long-term rating on MHFA's RHB outstanding. The outlook is stable. Bond proceeds, mortgage loans, investments, revenue, and other assets, on a parity basis with all other obligations outstanding, secure the bonds. The bonds are also general obligations of the agency, payable from any available money, assets, or revenue. MHFA's reserves (the general reserve and the alternative loan fund) are legally available if necessary to pay debt service on any obligation, including the 2025 series B bonds. Also securing the bonds are amounts on deposit
