Standard&Poor's Ratings Services affirmed its 'AA+' long-term rating, with a stable outlook, on Minnesota's 911 revenue bonds outstanding. The ratings reflect what we view as: The high essentiality of the emergency 911 system and a demonstrated history of legislative support for the program; A stable statewide fee base that has experienced steady growth over time; Strong coverage of debt service on all bonds secured by the 911 fee, with fiscal 2012 revenues covering maximum annual debt service (MADS) by more than 3x; No plans for additional debt, which should ensure high debt service coverage levels; and A rapid amortization, with all bonds to be retired by 2026. Revenues generated from a 911 fee assessed statewide to each customer
