The ratings on Minnesota Housing Finance Agency's (MHFA) bonds reflect: Very strong financial performance and credit quality of the single-family mortgage bond program, High levels of loan loss coverage provided by overcollateralization and a leveraged self-insurance fund, Cash flow strength, and The general obligation pledge of MHFA and its top-tier status. All bonds additionally benefit from the moral obligation pledge of the state of Minnesota ('AAA'). The dual ratings on the agency's short-term bonds reflect sufficiency of the invested bond principal to pay scheduled debt service at maturity or purchase price for mandatory tenders. The series 2001E bonds are subject to mandatory tender anytime after Aug. 1, 2002, until July 24, 2003. The parity resolution is strong, with an opening
