Minnesota State Armory Building Commission 2021A Bonds Assigned 'AA+' Rating; State 'AAA' GO Rating Affirmed

CHICAGO (S&P Global Ratings) Feb. 18, 2021--S&P Global Ratings assigned its 'AA+' rating to the Minnesota State Armory Building Commission's (MSABC) $5.6 million lease revenue armory bonds, series 2021A bonds. At the same time, we affirmed our 'AAA' rating on the State of Minnesota's general obligation (GO) debt and our 'AA+' rating on its appropriation-backed debt. The outlook is negative. "The 'AAA' long-term rating on Minnesota's GO debt reflects our view of the state's deep and diverse economy, history of strong financial results, strong governmental framework, and moderate debt levels," said S&P Global Ratings credit analyst Cora Bruemmer. The series 2021A lease revenue armory bond proceeds will finance a portion of the construction of a new 49,000-square-foot National Guard Readiness

...February 18, 2021 CHICAGO (S&P Global Ratings) Feb. 18, 2021--S&P Global Ratings assigned its '##+' rating to the Minnesota State Armory Building Commission's (MSABC) $5.6 million lease revenue armory bonds, series 2021A bonds. At the same time, we affirmed our '###' rating on the State of Minnesota's general obligation (GO) debt and our '##+' rating on its appropriation-backed debt. The outlook is negative. "The '###' long-term rating on Minnesota's GO debt reflects our view of the state's deep and diverse economy, history of strong financial results, strong governmental framework, and moderate debt levels," said S&P Global Ratings credit analyst Cora Bruemmer. The series 2021A lease revenue armory bond proceeds will finance a portion of the construction of a new 49,000-square-foot National Guard Readiness Center in the City of Luverne that supports the Minnesota Army National Guard. The total project cost is expected to be $17.4 million, the remainder of which will be funded through donations...

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