S&P Global Ratings assigned its 'AA+' rating to the Minnesota Housing Finance Agency's (MHFA) series 2017C rental-housing bonds and affirmed its 'AA+' rating on MHFA's related debt. The outlook is stable. The rating reflects our view of the following credit strengths: Very strong performance of the rental housing mortgage loan portfolio evidenced by extremely good delinquency statistics and the agency's strong oversight; Cash flows demonstrating the program revenues' ability to fully pay bondholders without the support of available funds from the GO pledge; The moral obligation pledge of the state of Minnesota to the agency and bondholders under the rental housing bond resolution; and MHFA's general obligation (GO) pledge, on which we maintain a 'AA+' issuer credit rating (ICR) based
