ST. PAUL, MN - Governor Tim Walz today announced that Minnesota has earned the highest bond rating from all major credit rating agencies for the third consecutive year. This month, Fitch, Moody’s, and Standard & Poor’s have all affirmed the state’s AAA rating.

“This is the third year in a row all three rating agencies have ranked Minnesota bonds among the best in the nation for investors - a testament to the strength of our economy,” said Governor Walz. “From Minnesota’s diverse business sector and skilled workers to our financial management and thoughtful budgeting, we’ve maintained a financial position that’s among the highest in the country.”

“Maintaining top bond ratings helps us keep the cost of borrowing low when we invest in Minnesota infrastructure and projects,” said Minnesota Management and Budget Commissioner Erin Campbell. “Minnesota came out of the pandemic in a sound financial position, and we’ve been able to maintain that with low long-term debt, healthy reserves, and responsible financial management.”

In affirming Minnesota’s AAA rating, Fitch stated, “Minnesota's 'AAA' IDR and GO bond ratings reflect the state's steadily growing and broad-based economy, highly educated workforce, expanding population and a revenue structure well-designed to capture economic growth. The ratings also reflect a low long-term liability burden and historically strong control over revenue and spending that, in conjunction with a sophisticated approach to reserve funding, leaves Minnesota well-positioned to manage through economic cycles while maintaining a high level of financial flexibility.”

In affirming Minnesota’s AAA rating, Moody’s Investors Service stated, “Minnesota's AAA issuer rating reflects the state's strong reserves and liquidity, low leverage from debt, pension and OPEB liabilities, and diverse and high income economy. The rating also reflects strong fiscal governance practices and wide financial flexibility.”

In affirming Minnesota’s AAA rating, S&P Global stated, “Minnesota's 'AAA' GO rating reflects our view of the state's robust financial management and government framework, its demonstrated commitment to structural budgetary balance and to maintaining healthy reserves, its above-average economic characteristics, and its conservatively managed debt and liability profile. Given the state's historically strong financial position and a national economic forecast that points to ongoing, albeit moderating, growth through 2027, we do not expect downside credit risk to materially increase within the two-year rating outlook horizon.”