Dakota County Community Development Agency, MN Rating Outlook Revised To Positive On Société Générale Outlook Revision

NEW YORK (S&P Global Ratings) Jan. 11, 2019--S&P Global Ratings revised the 
outlook on its 'A' rating on Dakota County Community Development Agency (CDA), 
Minn.'s series 2002A collateralized single-family mortgage revenue bonds to 
positive from stable and affirmed the rating.

The outlook revision reflects S&P Global Ratings' recent outlook revision on 
Société Générale, the guaranteed-investment-contract provider, on Oct. 29, 
2018, to positive from stable.

"We could raise the rating if we raise the rating on Société Générale, the 
guaranteed-investment-contract provider," said S&P Global Ratings credit 
analyst Emily Avila. "We could revise the outlook to stable or lower the 
rating if we revise the outlook to stable or lower the rating on Société 
Générale or if the asset-to-liability ratio were to fall to levels we consider 
more commensurate with a lower rating."

The positive outlook reflects S&P Global Ratings' opinion of the outlook on 
Société Générale and a strong asset-to-liability ratio.