Summary: Minnesota; Appropriations; General Obligation; Moral Obligation

S&P Global Ratings assigned its 'AAA' rating to Minnesota's approximately $673 million general obligation (GO) bonds, series 2019 A, B, C, and D. At the same time, S&P Global Ratings affirmed its 'AAA' rating on the State of Minnesota's GO debt. S&P Global Ratings also affirmed its 'AA+' rating on the state's appropriation-backed debt and its 'AA' rating on the state's moral obligation debt. The outlook on all ratings is stable. Credit factors supporting the ratings include our view of the state's: Deep and diverse economy, with the Minneapolis-St. Paul metropolitan statistical area (MSA), the center of the upper Midwest economy, anchoring regional economic hubs; Strong financial results and healthy reserves, nearing 5.0% of biennial revenue; and Moderate debt levels,

...S&P Global Ratings assigned its '###' rating to Minnesota's approximately $673 million general obligation (GO) bonds, series 2019 A, B, C, and D. At the same time, S&P Global Ratings affirmed its '###' rating on the State of Minnesota's GO debt. S&P Global Ratings also affirmed its '##+' rating on the state's appropriation-backed debt and its '##' rating on the state's moral obligation debt. The outlook on all ratings is stable. Credit factors supporting the ratings include our view of the state's: + Deep and diverse economy, with the Minneapolis-St. Paul metropolitan statistical area (MSA), the center of the upper Midwest economy, anchoring regional economic hubs; + Strong financial results and healthy reserves, nearing 5.0% of biennial revenue; and + Moderate debt levels, with well-defined debt management guidelines and improved pension-funded levels following approval of the 2018 Omnibus Retirement Act. We are beginning to see the effects on state exports from federal policy changes....

Summary