Summary: Minnesota Minnesota Housing Finance Agency; Appropriations

S&P Global Ratings assigned its 'AA+' rating to the Minnesota Housing Finance Agency's (MHFA) state appropriation bonds (housing infrastructure), series 2019A, B, C, and D (non-AMT), which are supported by appropriations from the State of Minnesota. The outlook is stable. We rate the bonds 'AA+' based on the application of our "Issue Credit Ratings Linked To U.S. Public Finance Obligors? Creditworthiness" criteria (published Jan. 22, 2018, on Ratings Direct). The one-notch differential between the standing appropriation rating and the State of Minnesota's general creditworthiness reflects risks associated with executive unallotment. The 'AA+' appropriation rating on MHFA bonds reflects our view of: The general credit characteristics of Minnesota (AAA/Stable); The state's demonstrated commitment to repaying its appropriation-backed obligations; and The standing

...S&P Global Ratings assigned its '##+' rating to the Minnesota Housing Finance Agency's (MHFA) state appropriation bonds (housing infrastructure), series 2019A, B, C, and D (non-AMT), which are supported by appropriations from the State of Minnesota. The outlook is stable. We rate the bonds '##+' based on the application of our "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" criteria (published Jan. 22, 2018, on Ratings Direct). The one-notch differential between the standing appropriation rating and the State of Minnesota's general creditworthiness reflects risks associated with executive unallotment. The '##+' appropriation rating on MHFA bonds reflects our view of: + The general credit characteristics of Minnesota (###/Stable); + The state's demonstrated commitment to repaying its appropriation-backed obligations; and + The standing appropriation nature of the obligation such that the legislature would have to repeal or the governor would have to unallot...

Summary