The 'AAA' rating on Minnesota's GO tax-exempt and taxable state bonds 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. The 'AAA' rating and 'AAA' Standard&Poor's underlying rating (SPUR) on Minnesota's outstanding debt have been affirmed. Despite an economy that benefits from diversity across several sectors, the economic recession has settled in on Minnesota--although it arrived in the state later than it did in many other areas of the country. Employment levels
