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

S&P Global Ratings assigned its 'AA+' rating to Minnesota Housing Finance Agency's (MHFA) series 2018E-H 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 comprising over 50%, in addition to whole loans; Cash flows demonstrating the ability of program revenue

...S&P Global Ratings assigned its '##+' rating to Minnesota Housing Finance Agency's (MHFA) series 2018E-H 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 comprising over 50%, in addition to whole loans; + Cash flows demonstrating the ability of program revenue to pay bondholders in full without the support of available funds from the agency's GO pledge. The 2018E-H bonds are general obligations. The agency will use proceeds to further invest in...

Summary