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 2020ABC residential housing finance bonds. At the same time, S&P Global Ratings affirmed 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 mortgage-backed securities (MBS) representing almost 75% of MBS-to-whole-loan assets; 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

...S&P Global Ratings assigned its '##+' rating to Minnesota Housing Finance Agency's (MHFA) series 2020ABC residential housing finance bonds. At the same time, S&P Global Ratings affirmed 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 mortgage-backed securities (MBS) representing almost 75% of MBS-to-whole-loan assets; 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. The asset-to-liability ratio for the newly issued bonds (with a July 1, 2019,...

Summary