• SELECT SITE CURRENCY
Select a currency for use throughout the site
Summary: Minnesota; Tax Secured, General Obligation Jan 04
Standard & Poors, January 2004
The 'AAA' rating on Minnesota's GO tax-exempt and taxable state bonds reflects the following credit factors: A deep and diverse economy, supported by several regional economic centers and anchored by the Minneapolis-St. Paul MSA; Continued strong management, which is addressing both short- and long-term structural issues; Adequate remaining liquidity from tobacco settlement sources, though drawdowns are planned; and Moderate debt levels with rapid amortization and internal controls, which keep debt levels manageable. Despite better-than-projected year-end performance, ongoing revenue softness in Minnesota has currently produced a deficit of $185 million during fiscals 2004-2005. However, compared to total budgeted expenditures of $28.2 billion, the magnitude of the deficit is minor. The state expects to bring operations back into balance when Gov. Tim...
Companies mentioned in this report are:
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.