The rating on Minnesota Housing Finance Agency's (MHFA) bonds reflects: 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 GO pledge of MHFA and its status as top-tier. 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 and purchase price for mandatory tenders. The parity resolution is strong, with an opening asset-to-liability parity ratio over 105%, equating to nearly $80 million in assets over liabilities. Updated consolidated cash flow projections indicate
