- Language: English
- Published: June 2010
- Region: United Kingdom
Minnesota's General Obligation Debt Lowered To ?AA+? From ?AAA? On Continued Structural Imbalance Sep 11
- Published: September 2011
- Region: Minnesota
- Standard & Poors
NEW YORK (Standard & Poor's) Sept. 23, 2011--Standard & Poor's Ratings Services lowered its rating on Minnesota's $5.1 billion of general obligation (GO) bonds to 'AA+' from 'AAA'. The outlook is stable. At the same time, Standard & Poor's assigned its 'AA+' rating, and stable outlook, to Minnesota's GO state bonds consisting of: $445 million GO state various purpose bonds, series 2011A; $320 million GO state trunk highway bonds, series 2011B; and $4 million GO taxable state bonds, series 2011C. "The downgrade reflects what we view as the state's ongoing reliance on nonrecurring measures to balance its budget, which we believe will contribute to continued structural imbalance," said Standard & Poor's credit analyst Robin Prunty. Payment delays to schools, a...
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Action: New Rating
Action: Outlook: Stable
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