The rating on Minnesota Housing Finance Agency's (MHFA) bonds reflects: The agency's GO pledge as the strongest credit support backing the bonds; Strong performance of the rental housing portfolio, evidenced by extremely good delinquency statistics and very strong oversight provided by the agency; and Cash flows able to demonstrate the ability of series 1999A revenues to fully pay bondholders without reliance on excess funds available under the general resolution. 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 The resolution also has the moral obligation pledge of the state of Minnesota (rated 'AAA') but is rated based on the equivalent strength pledge of the
