The ratings on Minnesota Housing Finance Agency's (MHFA), single-family mortgage 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 ('AA+') and its top-tier status. All bonds additionally benefit from the moral obligation pledge of the state of Minnesota ('AAA'). The parity resolution is strong, with an opening asset-to-liability parity ratio greater than 106%, equaling nearly $71 million in assets over liabilities. Updated consolidated cash flow projections indicate the capacity of pledged collateral to pay full and timely debt service plus fees through final bond maturity. Resolution nonperforming assets of 2.75%
