...NEW YORK (Standard & Poor's) Aug. 5, 2015--Standard & Poor's Ratings Services assigned its '##' rating and positive outlook to Regents of the University of Minnesota's $89.110 million 2015A special purpose revenue refunding bonds, reflecting the security provided by general fund annual appropriations from the State of Minnesota, which are appropriated specifically for and pledged to debt service payments on the bonds, pursuant to Minnesota Statutes Sections 137.5 to 137.6 and a stadium act agreement between the state and the 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 thus reflects the credit characteristics of the State of Minnesota, subject to the limited risk of non-appropriation," said Standard & Poor's credit analyst John Sugden. Payments from the state to pay debt service constitute a standing appropriation, meaning that the legislature...
