Summary: Minnesota; General Obligation Sep 11

Standard & Poors, September 2011

Abstract
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. Payment delays to schools, a bond issue secured by tobacco settlement revenues, and use of reserves account for about two-thirds...

Companies mentioned in this report are:
- Minnesota

Action: New Rating
Action: Outlook: Stable

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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