S&P Global Ratings assigned its 'AA+' rating to Minnesota Housing Finance Agency's (MHFA) series 2020 F and G residential housing finance bonds, to be issued at about $125 million. 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: Very strong residential housing assets, with mortgage-backed securities (MBS) representing about 80% of MBS-to-whole-loan assets; Cash flows demonstrating the program's ability to pay bondholders; and The agency's additional general obligation (GO) pledge that secures the bonds (with creditworthiness supported by a portfolio with high overall asset quality, strong and stable management, and strong state support). MHFA will use proceeds to
