The 'AAA' rating on Minnesota's GO state refunding bonds and other previously issued GO debt reflects: A deep and diverse economy supported by several regional economic hubs and anchored by the Minneapolis-St. Paul MSA, the center of the upper Midwest economy; Continued strong management that remains committed to structural balance and maintenance of reserves; and Moderate debt levels with rapid amortization and strong internal controls, which keep debt levels manageable. Revenue forecasts pulled back very slightly between November 2006 and February 2007, but the state remains on track with its budget, maintaining slightly more than $1 billion in reserves and $110 million in the tax relief account as the end of the 2005-2007 biennium draws near. The 2008-2009 budget has
