The 'AA+/A-1+' rating on Minnesota Housing Finance Agency's (MHFA) limited obligation bonds draw-down series 2008 reflects the investment of the proceeds in an investment agreement provided by Wells Fargo&Co. The draw-down bonds are being issued to refund prior bonds issued by MHFA. At closing, an initial draw in the amount of $195.83 million will be made to refund prior bonds. The prior bond trustee will simultaneously give the trustee a like amount for deposit into the bond escrow account. Additional drawdown bonds may be issued, up to $350 million in total, with the simultaneous transfers to occur with each issue so that the bonds always remain fully secured with funds held in the bond escrow account. The maximum
