Summary: Minnesota; Appropriations; General Obligation Aug 09

Standard & Poors, August 2009

Abstract
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...

Companies mentioned in this report are:
- Minnesota

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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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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