Minnesota keeps high credit ratings, plans to sell bonds Tuesday

The state of Minnesota has retained its high credit ratings and plans to sell $600 million on General Obligation bonds on Tuesday.

State officials report that “the three major bond rating agencies have affirmed Minnesota’s existing credit ratings. The bonds continue to receive the highest ratings – AAA – from Standard & Poor’s Corporation and Fitch Ratings.  Moody’s Investors Service maintained their rating of Aa1.”

Said Fitch:

“Minnesota’s ‘AAA’ GO rating reflects the state’s excellent debt structure, broad-based economy with above-average wealth levels, and track record of management that is sensitive to changes in the state’s fiscal environment, with regular reviews of revenue forecasts.”

There were concerns, though, about the economy and the state budget.

 “Nearly all states are facing difficult times in this recession, but there is underlying strength in Minnesota’s economy and we are maintaining our tradition of strong financial management,” said Minnesota Management and Budget Commissioner Tom Hanson. “We still have work to do but appreciate being recognized as one of the highest rated states.” 

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Comments (1)

  1. Submitted by Leslie Davis on 08/11/2009 - 10:35 am.

    Minnesota has no BONDS to sell. A BOND is a promise to pay for a LOAN. The BOND language is used by swindlers to mislead the public. They ae LOANS.

    The “LOANS” are gotten from people who create digits in a computer and call the digits money. They send Minnesota the digits and Minnesota pays them back, with interest, from collected taxes.

    “BONDING” is the biggest swindle ever invented.

    Why is Minnesota borrowing money if, as your article states, it has a “broad-based economy with above-average wealth levels”?

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