Standard&Poor's Ratings Services has assigned its 'AAA' rating to Minnesota's GO state refunding bonds. Standard&Poor's has also affirmed its 'AAA' rating and 'AAA' underlying rating (SPUR) on Minnesota's outstanding debt. The rating reflects the following credit factors: a deep and diverse economy, supported by several regional economic centers and anchored by the Minneapolis-St. Paul MSA; continued strong management, which addresses both short- and long-term structural issues; good remaining liquidity, despite planned draw-downs; and moderate debt levels, with rapid amortization and internal controls, which keep debt levels manageable. Despite an economy that benefits from diversity across several sectors, the economic recession has settled in on Minnesota—though it arrived in the state later than it did in many
