NEW YORK (Standard&Poor's) July 1, 2011-- Minnesota failed to adopt a budget by July 1 after ongoing deliberation about revenue and expenditure solutions to address the gap for fiscal 2012. The failed deliberations have sent the state into a partial shutdown. From a credit standpoint, there is no immediate impact at this time to the state's 'AAA' rating or other governmental entities rated by Standard&Poor's Ratings Services. A court order was released on June 29 that authorizes funding, for core functions of the state, including debt service and aid to school and local governments. The order expires July 31st. If the shutdown persists and there is an inability to reach consensus on the fiscal 2012 budget
