Minnesota's $460 million GO tax-exempt state bonds and $3 million taxable GO state bonds series 2003 have been rated 'AAA'. The 'AAA' rating and 'AAA' Standard&Poor's underlying rating (SPUR) on the state's outstanding debt have been affirmed. The outlook is stable. 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--although it arrived
