Credit Rating Agencies Rave Over Minnesota's Long-Term Economic Future

ST. PAUL, MN — Minnesota's long-term economic future remains strong, according to the three major credit rating agencies in the U.S.

Fitch, Moody’s, and Standard & Poor’s all affirmed the state’s AAA rating. As a result, the state will have a lower interest rate when borrowing for future investments.

"Minnesota's long-term economic fundamentals remain very strong stemming from low unemployment, high per capita incomes, high workforce participation, high educational attainment, and a diverse mix of industry," Moody’s Investors Service said in a statement.

Minnesota is "well positioned to manage through economic cycles while maintaining a high level of financial flexibility," says Fitch.

Meanwhile, S&P Global stated that "Minnesota's robust management, with regular and comprehensive multiyear revenue forecasting, focus on matching recurring expenditures with recurring revenue, and commitment to maintaining healthy reserve balances, continues to support the state's 'AAA' credit quality."

Management and Budget Deputy Commissioner Erin Campbell attributed Minnesota's AAA rating to the state's "balanced approach toward spending, healthy reserves, and low long-term debt."