RELEASE: Minnesota Maintains AAA Ratings
This bulletin was sent at 07/25/2019 10:16 AM CDT
For Immediate Release
July 25, 2019
Minnesota Maintains AAA Ratings
Standard & Poor's and Fitch Affirm Minnesota’s Bond Ratings
ST. PAUL, MN – Top financial analysts Standard & Poor's and Fitch announced that they are affirming Minnesota’s AAA, the highest rating awarded by the analysts.
The following is a statement from Governor Tim Walz:
“AAA ratings from Fitch and Standard & Poor’s is a testament to Minnesota’s strong economy and fiscal management. We are proud of the work we did this legislative session to help secure this rating. Now we need to work to pass a robust bonding bill to invest in the future and ensure our economy works for all Minnesotans.”
The following is a statement from Management and Budget Commissioner Myron Frans:
“Minnesota’s financial health is in good order. The affirmation of AAA credit rating from Fitch and Standard & Poor’s reflects sound budgeting principles and allows us to continue making smart capital investments in Minnesota’s future by reducing our cost of borrowing.”
Fitch and Standard & Poor’s note that credit factors such as Minnesota’s diverse economy, strong financial results and healthy reserves, and moderate debt levels have positioned the state well to navigate future fluctuations in the economy. Standard & Poor’s added that the passage of the pension reform bill in 2018 and continuation of strong reserve levels influenced their rating decision.
Today’s news comes as Minnesota prepares for the sale of general obligation bonds next month.
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Contact: Chris Kelly, Minnesota Management and Budget
Director of Communications
651-259-3692, Chris.Kelly@state.mn.us
