CHICAGO (Standard&Poor's) June 16, 2003—Standard&Poor's Ratings Services said today it assigned its 'AAA' rating to Minnesota's $391.68 million GO state refunding bonds. The bonds are selling on June 17, 2003. The rating outlook is stable. Standard&Poor's also said it affirmed its 'AAA' rating and 'AAA' underlying rating (SPUR) on Minnesota's outstanding debt. The rating reflects the following credit factors: a deep and diverse economy, supported by several regional economic centers and anchored by the Minneapolis-St. Paul MSA; continued strong management, which addresses both short- and long-term structural issues; good remaining liquidity, despite planned draw-downs; and moderate debt levels, with rapid amortization and internal controls, which keep debt levels manageable. Despite an economy that benefits
