Summary: Minnesota Minnesota State Armory Building Commission; Appropriations; General Obligation

S&P Global Ratings assigned its 'AA+' rating to the Minnesota State Armory Building Commission's (MSABC) $5.6 million lease revenue armory bonds, series 2021A bonds. At the same time, we affirmed our 'AAA' rating on the State of Minnesota's general obligation (GO) debt and our 'AA+' rating on its appropriation-backed debt. The outlook is negative. The series 2021A lease revenue armory bond proceeds will finance a portion of the construction of a new 49,000-square-foot National Guard Readiness Center in the City of Luverne that supports the Minnesota Army National Guard. The total project cost is expected to be $17.4 million, the remainder of which will be funded through donations ($6.2 million), federal funding ($2.2 million), and MSABC's cash on hand ($3

...S&P Global Ratings assigned its '##+' rating to the Minnesota State Armory Building Commission's (MSABC) $5.6 million lease revenue armory bonds, series 2021A bonds. At the same time, we affirmed our '###' rating on the State of Minnesota's general obligation (GO) debt and our '##+' rating on its appropriation-backed debt. The outlook is negative. The series 2021A lease revenue armory bond proceeds will finance a portion of the construction of a new 49,000-square-foot National Guard Readiness Center in the City of Luverne that supports the Minnesota Army National Guard. The total project cost is expected to be $17.4 million, the remainder of which will be funded through donations ($6.2 million), federal funding ($2.2 million), and MSABC's cash on hand ($3 million). Pursuant to the trust indenture between MSABC and U.S. Bank, N.A (trustee), the series 2021A bonds are secured by lease payments from the State of Minnesota to MSABC and all revenues received by the commission from the lease,...

Summary