The ratings on Minnesota Housing Finance Agency's (MHFA) bonds reflect: The general obligation pledge of MHFA ('AA+') and its top-tier status, Very strong financial performance and credit quality of the residential housing finance bond program, High levels of loan loss coverage provided by overcollateralization and a leveraged self-insurance fund, Cash flow strength, and Investments commensurate with the rating on the bonds. All bonds additionally benefit from the moral obligation pledge of the state of Minnesota ('AAA'). The dual ratings on the series 2002G bonds reflect the investment of bond principal in an investment agreement with Bayerische Landesbank Girozentrale ('AAA/A-1+'') until the mandatory tender date scheduled for sometime between July 31, 2003, and July 29, 2004. The parity resolution is strong,
