Standard&Poor's Ratings Services affirmed its 'AA+' rating, with a stable outlook, on University of Minnesota Regents' special-purpose revenue bonds based on the security provided by general fund annual appropriations from Minnesota, appropriated specifically for, and pledged to, debt service payments on the bonds, pursuant to Minnesota Statutes Sections 137.5-137.6 and a stadium agreement between the state and university. Other than state appropriations received from the state specifically for debt service payments on the bonds, no other revenues of the university are pledged for debt service. The rating reflects the credit characteristics of Minnesota ('AAA'/Stable general obligation (GO) debt rating), subject to the limited risk of nonappropriation. Payments from the state to pay debt service constitute a standing appropriation,
