S&P Global Ratings assigned its 'AA' rating and stable outlook to the Minnesota Housing Finance Agency's (MHFA) state appropriation bonds (housing infrastructure), series 2017A (non-AMT), which are supported by appropriations from the State of Minnesota. The 'AA' appropriation rating on the MHFA bonds reflects our view of: The general credit characteristics of Minnesota (AA+/Stable); The state's demonstrated commitment to repaying its appropriation-backed obligations; and The standing appropriation nature of the obligation such that the legislature would have to repeal or the governor would have to unallot the appropriations for a pledged appropriation not to be made. The series 2017 housing infrastructure bonds are payable under a continuing appropriation from the state's general fund, but that appropriation is subject to repeal
