Standard&Poor's Ratings Services has assigned its 'AA+' rating to Minnesota's 911 revenue bond series 2009, reflecting our view of: A stable statewide fee base that has experienced steady growth over time; The high essentiality of the emergency 911 system and a demonstrated history of legislative support for the program; High coverage of debt service on all bonds secured by the 911 fee, with fiscal 2009 revenues of $51.3 million covering new maximum annual debt service (MADS) by 3.2x; Limited additional debt planned and authorized, which we believe should ensure high debt service coverage levels well above the additional bonds test requirement; and A rapid amortization of debt payable from pledged revenue with all bonds (current and future) to
