Standard&Poor's Ratings Services has assigned its 'AA+' long-term rating to Minnesota Housing Finance Agency's nonprofit housing bonds, series 2009, which reflects the state's covenant to appropriate debt service sufficient to pay annual debt service. At the same time, Standard&Poor's affirmed its 'AAA' rating on the state's general obligation (GO)-backed debt. The outlook is stable. Credit factors supporting the rating include our view of Minnesota's: Deep and diverse economy supported by several regional economic hubs and anchored by the Minneapolis-St. Paul metropolitan statistical area, the center of the upper Midwest economy; Continued strong management that remains committed to structural balance and maintenance of reserves while the state weathers through the current economic downturn; and Low debt levels
