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Minnesota Housing Finance Company — Moody’s assigns Aa1 to MN Housing’s Rental Housing Bonds 2022 Collection C; outlook secure


Ranking Motion: Moody’s assigns Aa1 to MN Housing’s Rental Housing Bonds 2022 Collection C; outlook stableGlobal Credit score Analysis – 01 Sep 2022New York, September 01, 2022 — Moody’s Traders Service has assigned a Aa1 ranking to Minnesota Housing Finance Company’s (Minnesota Housing or MHFA) proposed $10.5 million Rental Housing Bonds, 2022 Collection C (Non-AMT). We additionally preserve the Aa1 rankings on $49.four million of excellent Rental Housing Bonds (RHB or Program) parity debt. The outlook is secure.RATINGS RATIONALEThe Aa1 ranking project relies on the overall obligation (GO) pledge of Minnesota Housing Finance Company (Aa1/Secure), additional enhanced by the traditionally robust monetary profile and efficiency of the Program. The persistently strong monetary operations underlying the GO pledge is evidenced by a five-year common profitability of roughly 19% and an asset-to-debt ratio averaging 1.3x, indicating robust overcollateralization of company debt.RATING OUTLOOKThe secure outlook displays expectations of continued robust working efficiency and upkeep of ample steadiness sheet sources each inside the RHB indenture in addition to by way of the Minnesota Housing’s general common obligation pledge.FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING- Improve of Minnesota Housing’s issuer ratingFACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING- Downgrade of Minnesota Housing’s issuer ratingLEGAL SECURITYThe 2022 Collection C bonds are common obligations of Minnesota Housing, and additional secured by a pledge of revenues and belongings underneath the RHB Decision which embody bond proceeds, mortgage loans, investments, revenues and different belongings.USE OF PROCEEDSProceeds of the 2022 Collection C bonds will fund a short-term first-lien bridge mortgage for acquisition, development and equipping of a multifamily housing improvement to be referred to as The Lumin at Highland Bridge, a 60-unit residential constructing positioned in Saint Paul, MN. The bridge mortgage is anticipated to be repaid from tax credit score fairness and one long-term finish mortgage from MN Housing. The bridge mortgage won’t be credit score enhanced.PROFILEMinnesota Housing is an company of the state of Minnesota, created in 1971 and approved to challenge bonds to additional inexpensive housing within the state. The Company has no taxing energy. The Rental Housing Bonds decision was established in 1988 to finance multifamily rental developments that can additional promote inexpensive housing within the state.METHODOLOGYThe principal methodology used on this ranking was US Housing Finance Company Issuer Rankings Methodology printed in October 2019 and accessible at https://rankings.moodys.com/api/rmc-documents/62559. Alternatively, please see the Ranking Methodologies web page on https://rankings.moodys.com for a replica of this technique.REGULATORY DISCLOSURESFor additional specification of Moody’s key ranking assumptions and sensitivity evaluation, see the sections Methodology Assumptions and Sensitivity to Assumptions within the disclosure type. Moody’s Ranking Symbols and Definitions will be discovered on https://rankings.moodys.com/rating-definitions.For rankings issued on a program, sequence, class/class of debt or safety this announcement gives sure regulatory disclosures in relation to every ranking of a subsequently issued bond or notice of the identical sequence, class/class of debt, safety or pursuant to a program for which the rankings are derived completely from present rankings in accordance with Moody’s ranking practices. For rankings issued on a assist supplier, this announcement gives sure regulatory disclosures in relation to the credit standing motion on the assist supplier and in relation to every explicit credit standing motion for securities that derive their credit score rankings from the assist supplier’s credit standing. For provisional rankings, this announcement gives sure regulatory disclosures in relation to the provisional ranking assigned, and in relation to a definitive ranking that could be assigned subsequent to the ultimate issuance of the debt, in every case the place the transaction construction and phrases haven’t modified previous to the project of the definitive ranking in a way that will have affected the ranking. For additional data please see the issuer/deal web page for the respective issuer on https://rankings.moodys.com.Regulatory disclosures contained on this press launch apply to the credit standing and, if relevant, the associated ranking outlook or ranking evaluation.Moody’s common ideas for assessing environmental, social and governance (ESG) dangers in our credit score evaluation will be discovered at https://rankings.moodys.com/paperwork/PBC_1288235.Please see https://rankings.moodys.com for any updates on modifications to the lead ranking analyst and to the Moody’s authorized entity that has issued the ranking.Please see the issuer/deal web page on https://rankings.moodys.com for extra regulatory disclosures for every credit standing. Jeffrey Kaufmann Lead Analyst Housing Moody’s Traders Service, Inc. 7 World Commerce Middle 250 Greenwich Road New York 10007 JOURNALISTS: 1 212 553 0376 Shopper Service: 1 212 553 1653 Eva Bogaty Extra Contact PF Healthcare JOURNALISTS: 1 212 553 0376 Shopper Service: 1 212 553 1653 Releasing Workplace: Moody’s Traders Service, Inc. 250 Greenwich Road New York, NY 10007 U.S.A JOURNALISTS: 1 212 553 0376 Shopper Service: 1 212 553 1653 © 2022 Moody’s Company, Moody’s Traders Service, Inc., Moody’s Analytics, Inc. and/or their licensors and associates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All data contained herein is obtained by MOODY’S from sources believed by it to be correct and dependable. Due to the opportunity of human or mechanical error in addition to different components, nonetheless, all data contained herein is offered “AS IS” with out guarantee of any variety. MOODY’S adopts all needed measures in order that the data it makes use of in assigning a credit standing is of enough high quality and from sources MOODY’S considers to be dependable together with, when acceptable, unbiased third-party sources. Nonetheless, MOODY’S isn’t an auditor and can’t in each occasion independently confirm or validate data obtained within the ranking course of or in making ready its Publications.To the extent permitted by regulation, MOODY’S and its administrators, officers, staff, brokers, representatives, licensors and suppliers disclaim legal responsibility to any individual or entity for any oblique, particular, consequential, or incidental losses or damages by any means arising from or in reference to the data contained herein or the usage of or lack of ability to make use of any such data, even when MOODY’S or any of its administrators, officers, staff, brokers, representatives, licensors or suppliers is suggested prematurely of the opportunity of such losses or damages, together with however not restricted to: (a) any lack of current or potential income or (b) any loss or harm arising the place the related monetary instrument isn’t the topic of a specific credit standing assigned by MOODY’S.To the extent permitted by regulation, MOODY’S and its administrators, officers, staff, brokers, representatives, licensors and suppliers disclaim legal responsibility for any direct or compensatory losses or damages prompted to any individual or entity, together with however not restricted to by any negligence (however excluding fraud, willful misconduct or every other sort of legal responsibility that, for the avoidance of doubt, by regulation can’t be excluded) on the a part of, or any contingency inside or past the management of, MOODY’S or any of its administrators, officers, staff, brokers, representatives, licensors or suppliers, arising from or in reference to the data contained herein or the usage of or lack of ability to make use of any such data.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.Moody’s Traders Service, Inc., a wholly-owned credit standing company subsidiary of Moody’s Company (“MCO”), hereby discloses that almost all issuers of debt securities (together with company and municipal bonds, debentures, notes and industrial paper) and most well-liked inventory rated by Moody’s Traders Service, Inc. have, previous to project of any credit standing, agreed to pay to Moody’s Traders Service, Inc. for credit score rankings opinions and companies rendered by it charges starting from $1,000 to roughly $5,000,000. MCO and Moody’s Traders Service additionally preserve insurance policies and procedures to handle the independence of Moody’s Traders Service credit score rankings and credit standing processes. Data relating to sure affiliations which will exist between administrators of MCO and rated entities, and between entities who maintain credit score rankings from Moody’s Traders Service and have additionally publicly reported to the SEC an possession curiosity in MCO of greater than 5%, is posted yearly at www.moodys.com underneath the heading “Investor Relations — Company Governance — Director and Shareholder Affiliation Coverage.”Extra phrases for Australia solely: Any publication into Australia of this doc is pursuant to the Australian Monetary Providers License of MOODY’S affiliate, Moody’s Traders Service Pty Restricted ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as relevant). This doc is meant to be offered solely to “wholesale purchasers” inside the that means of part 761G of the Companies Act 2001. By persevering with to entry this doc from inside Australia, you symbolize to MOODY’S that you’re, or are accessing the doc as a consultant of, a “wholesale shopper” and that neither you nor the entity you symbolize will straight or not directly disseminate this doc or its contents to “retail purchasers” inside the that means of part 761G of the Companies Act 2001. MOODY’S credit standing is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the fairness securities of the issuer or any type of safety that’s accessible to retail traders.Extra phrases for Japan solely: Moody’s Japan Okay.Okay. (“MJKK”) is a wholly-owned credit standing company subsidiary of Moody’s Group Japan G.Okay., which is wholly-owned by Moody’s Abroad Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan Okay.Okay. (“MSFJ”) is a wholly-owned credit standing company subsidiary of MJKK. MSFJ isn’t a Nationally Acknowledged Statistical Ranking Group (“NRSRO”). Due to this fact, credit score rankings assigned by MSFJ are Non-NRSRO Credit score Rankings. Non-NRSRO Credit score Rankings are assigned by an entity that isn’t a NRSRO and, consequently, the rated obligation won’t qualify for sure forms of remedy underneath U.S. legal guidelines. MJKK and MSFJ are credit standing businesses registered with the Japan Monetary Providers Company and their registration numbers are FSA Commissioner (Rankings) No. 2 and three respectively.MJKK or MSFJ (as relevant) hereby disclose that almost all issuers of debt securities (together with company and municipal bonds, debentures, notes and industrial paper) and most well-liked inventory rated by MJKK or MSFJ (as relevant) have, previous to project of any credit standing, agreed to pay to MJKK or MSFJ (as relevant) for credit score rankings opinions and companies rendered by it charges starting from JPY100,000 to roughly JPY550,000,000.MJKK and MSFJ additionally preserve insurance policies and procedures to handle Japanese regulatory necessities. ​



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