St. Paul Port Authority, Minn.'s $59.49 million lease revenue bonds series 2003-11 and $81.745 million lease revenue bonds series 2003-12 have been rated 'AA+'. The 'AA+' rating on the authority's outstanding lease revenue bonds has been affirmed. The bonds are secured by lease-rental payments from Minnesota ('AAA' GO debt rating), subject to biennial appropriation. As such, the rating reflects Minnesota's general creditworthiness, good legal provisions, and also the risks associated with an ongoing need to appropriate. Pursuant to authorizing legislation, proceeds of the 2003-11 bonds will be used to design, construct, and equip an office building in St. Paul, Minn. for use by the state departments of agriculture and health. Proceeds of the series 2003-12 bonds will be used to
