Standard&Poor's Ratings Services has assigned its 'AAA' long-term rating to Minnesota's 2009D-2009G general obligation (GO) bonds. At the same time, Standard&Poor's affirmed its 'AAA' rating on the state's GO-backed debt and 'AA+' rating on the state's appropriation-backed debt. The outlook is stable. Credit factors supporting the rating include our view of Minnesota's: Deep and diverse economy supported by several regional economic hubs and anchored by the Minneapolis-St. Paul metropolitan statistical area, the center of the upper Midwest economy; Continued strong management that remains committed to structural balance and maintenance of reserves while the state weathers through the current economic downturn; and Low debt levels with rapid amortization and strong internal controls, which keep debt levels manageable.
