S&P Global Ratings assigned its 'AA' rating to the State of Minnesota's $11.805 million state general fund appropriation bonds taxable series 2016A bonds (Lewis and Clark Regional Water System Project). The outlook is positive. The rating reflects our view of: The credit characteristics of Minnesota (AA+/Positive); and The continuing appropriation nature of the pledge that does not require any future legislative action for the appropriation to be made; however, it can be reduced or repealed entirely by future legislative sessions and is subject to executive unallotment authority. The series 2016A bonds are secured by general fund appropriations from the state, which are appropriated specifically for, and pledged to, debt service payments on the bonds, pursuant to Minnesota Statutes Section 16A.967
