The rating on Minnesota Housing Finance Agency's (MHFA) rental housing bonds series 2003C reflects: The agency's GO pledge as the strongest credit support backing the bonds (the agency's creditworthiness is supported by extremely sound financial operations, good overall asset quality, strong and stable management, and strong state support and economic performance); Very strong performance of the rental housing portfolio, evidenced by extremely good delinquency statistics, and the strong oversight provided by the agency; and Cash flows able to demonstrate the ability of series 2003C revenues to fully pay bondholders without support of funds available under the general resolution. The resolution also has the moral obligation pledge of the State of Minnesota ('AAA') but is rated based on the pledge of
