S&P Global Ratings affirmed its 'AAA' rating on the State of Minnesota's outstanding general obligation (GO) debt based on the application of its "Methodology For Rating U.S. Governments," published Sept. 9, 2024, on RatingsDirect. We also affirmed our 'AA+' rating on the state's appropriation-backed debt. The outlook is stable. Minnesota's full faith and credit pledge secures its GO debt. We rate the appropriation-backed debt at 'AA+', based on the application of our "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" criteria, published Nov. 20, 2019. The one-notch differential between the appropriation rating and Minnesota's GO rating reflects risks associated with non-appropriation. Minnesota's 'AAA' GO rating reflects our view of the state's robust financial management framework, its demonstrated commitment
