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 is addressing both short- and long-term structural issues; Good remaining liquidity despite the previous use of significant balances; and Moderate debt levels with rapid amortization and internal controls, which keep debt levels manageable. A rebounding economy and accurate revenue forecasts have allowed the state to move back toward fiscal stability. While structural issues remain for the coming biennium, the current biennial budget has been balanced with only minor revisions required. The state retains budget reserves equal to $631 million, and the size
