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 2019EFG residential housing finance bonds and its 'AA+/A-1+' rating to the agency's series 2019H bonds. At the same time, S&P Global Ratings affirmed its 'AA+' and 'AA+/A-1+' ratings on MHFA's debt outstanding. 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 mortgage-backed securities (MBS) constituting over 65% of the portfolio, in addition to whole loans; and Cash flows demonstrating the program's ability to pay bondholders

...S&P Global Ratings assigned its '##+' rating to Minnesota Housing Finance Agency's (MHFA) series 2019EFG residential housing finance bonds and its '##+/A-1+' rating to the agency's series 2019H bonds. At the same time, S&P Global Ratings affirmed its '##+' and '##+/A-1+' ratings on MHFA's debt outstanding. 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 mortgage-backed securities (MBS) constituting over 65% of the portfolio, 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 of the agency. MHFA will use proceeds to further invest in its MBS portfolio....

Summary