...S&P Global Ratings raised its rating on the State of Minnesota's general obligation (GO) debt to '###' from '##+', reflecting the state's improved financial performance, return to strong budget management and structural budget balance, and the 2018 Omnibus Retirement Act, which is expected to decrease pension liabilities through benefit reform and increased contributions. At the same time, S&P Global Ratings assigned its '###' rating to Minnesota's approximately $619 million GO bonds, series 2018 A, B, and C. S&P Global Ratings also raised its rating on the state's appropriation-backed debt to '##+' from '##' and raised its rating on the state's moral obligation debt to '##' from 'A+', based on the application of its "Issue Credit Ratings Linked to U.S. Public Finance Obligors' Creditworthiness" criteria published Jan 22, 2018, on Ratings Direct. The state's moral obligation bonds were raised two notches due to moderate obligor involvement because the bonds were issued for higher education...
