NEW YORK – The credit worthiness evaluating company Moody’s gave a thumbs-up to Minnesota. Moody’s gave Minnesota bonds its highest AAA rating for the first time in almost 20 years. The AAA encourages investors to buy Minnesota binds for construction projects at the market’s lowest rates. The state had been at Moody’s second-tier AA1. Two other bond-rating ervices, Standard & Poors and Fitch, recently had also moved Minnesota to their top AAA status.
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Gvernor Tim Walz: “Getting upgraded by Moody’s is an incredible achievement at any time and particularly on the heels of a historic pandemic that has created uncertainty in the global marketplace. Careful fiscal management, a diverse economy, record low unemployment, and strong financial reserves put us at the threshold of what relatively few states have — AAA bond ratings across the board.”
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Jim Schowalter, state budget chief: “We’ve all been through a stress test, and we did great. Sound budgeting practices, smart financial investments and moderate debt levels have helped put Minnesota on sure footing to face whatever national economic headwinds come our way. Across-the-board top bond ratings will help keep the cost of borrowing for future investments in Minnesota as low as possible at a time when interest rates are rising.”