...S&P Global Ratings assigned its '##+' rating to the Minnesota Housing Finance Agency's (MHFA) series 2018A rental-housing bonds and affirmed its '##+' rating 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, 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; + The rental housing mortgage loan portfolio's very strong performance, with no delinquencies and the agency's strong oversight; + Cash flows that demonstrate the program revenues' ability to fully pay bondholders without the support of available funds from the GO pledge; and + The moral obligation pledge of the State of Minnesota to MHFA and bondholders under the rental housing bond resolution. Offsetting these credit strengths is the agency's leverage ratio (equity-to-assets), which we view as below average...
