S&P Global Ratings assigned its 'AA+' rating to the State of Minnesota's approximately $332 million state general fund appropriation refunding bonds, series 2022A. The outlook is stable. The series 2022A bonds are secured by a continuing general fund appropriation from the state, pursuant to Minnesota Statutes, Sections 16A.99. The continuing appropriation does not require any further action by the legislature for payments to be made in future years; however, state law prohibits a current legislature from binding any future legislature, so the continuing appropriation may be reduced or repealed by the legislature at any time. In addition, appropriations are subject to executive unallotment, which may be used when the commissioner of Minnesota Management and Budget (MMB) determines that probable receipts
