Standard & Poor's Ratings Services assigned its 'AA+' long-term rating, and stable outlook, to Minnesota's 2009 certificates of participation (COPs), reflecting the state's covenant to appropriate debt service sufficient to pay annual debt service. At the same time, Standard & Poor's affirmed its 'AAA' rating, with a stable outlook, on the state's general obligation-backed debt. Credit factors supporting the rating include our view of Minnesota's: Deep and diverse economy supported by several regional economic hubs and anchored by the Minneapolis-St. Paul metropolitan statistical area, the center of the upper Midwest economy; Continued strong management that remains committed to structural balance and maintenance of reserves while the state weathers the current economic downturn; and Low debt levels, with rapid amortization and...
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Action: New Rating
Action: Outlook: Stable
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