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.”
“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.”