Summary: Minnesota Bemidji Minnesota Housing Finance Agency St. Paul Port Authority; Appropriations; Moral Obligation Sep 11

Standard & Poors, September 2011

Abstract
Standard & Poor's Ratings Services has lowered the ratings on various Minnesota issuing entities in conjunction with our lowering of the rating on the state's general obligation (GO) bonds. On Sept. 23rd, Standard & Poor's lowered the GO rating on the state to 'AA+' from 'AAA'. The outlook is stable. See the related report on Minnesota published on RatingDirect on the Global Credit Portal on Sept. 23, 2011. The outlook mirrors the state's general credit outlook. USPF Criteria: Appropriation-Backed Obligations, June 13, 2007 USPF Criteria: Moral Obligation Bonds, June 27, 2006...

Companies mentioned in this report are:
- Minnesota

Action: Downgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Minnesota

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