S&P Global Ratings assigned its 'AA+' rating to the State of Minnesota's $449.9 million series 2023 certificates of participation (COPs; state office building project) and $26 million taxable series 2023A state general fund appropriation bonds (Duluth Regional Exchange District). The outlook is stable. The series 2023 COPs will be issued pursuant to Minnesota Statutes, section 16B.2406, and are secured by lease payments from the state Commissioner of Administration (the lessee) to the state Commissioner of Management and Budget (MMB, the lessor). Lease payments sufficient for all future debt payments are authorized as a continuing appropriation from the state legislature under the act, though they are subject to legislative repeal and executive unallotment. The lease is a standard triple net lease. Payments
