Summary: Minnesota Housing Finance Agency; General Obligation; Multifamily Whole Loan; Single Family Multiple MBS

S&P Global Ratings assigned its 'AA+' rating to Minnesota Housing Finance Agency's (MHFA) series 2019ABC residential housing finance bonds. At the same time, S&P Global Ratings affirmed its 'AA+' issuer credit rating (ICR) on the agency, and its 'AA+' and 'AA+/A-1+' ratings on MHFA's related debt. The outlook is stable. The rating reflects our view of the following credit strengths: The agency's general obligation (GO) pledge that secures the bonds (with such creditworthiness supported by a portfolio with high overall asset quality, strong and stable management, and strong state support); Very strong residential housing assets, with the mortgage-backed securities (MBS) portion of the portfolio constituting over 50%, in addition to whole loans; and Cash flows demonstrating the program's ability to

...S&P Global Ratings assigned its '##+' rating to Minnesota Housing Finance Agency's (MHFA) series 2019ABC residential housing finance bonds. At the same time, S&P Global Ratings affirmed its '##+' issuer credit rating (ICR) on the agency, and its '##+' and '##+/A-1+' ratings on MHFA's related debt. The outlook is stable. The rating reflects our view of the following credit strengths: + The agency's general obligation (GO) pledge that secures the bonds (with such creditworthiness supported by a portfolio with high overall asset quality, strong and stable management, and strong state support); + Very strong residential housing assets, with the mortgage-backed securities (MBS) portion of the portfolio constituting over 50%, in addition to whole loans; and + Cash flows demonstrating the program's ability to pay bondholders without the support of available funds from the agency's GO pledge. The bonds are general obligations. MHFA will use proceeds to further invest in its MBS portfolio. The asset-to-liability...

Summary