Minnesota's bond rating remains at AAA

ST. PAUL, Minn. (FOX 9) - Minnesota has maintained its AAA bond rating, Gov. Tim Walz announced Wednesday.

Fitch, Moody’s, and Standard & Poor’s have all rated the state at AAA, the highest rating possible. 

"This is the second year in a row Minnesota received top bond ratings from all three major rating agencies, confirming our strong economy and financial position," Gov. Walz said in a release. "Our diverse economy, skilled workforce, balanced budgeting, and thoughtful financial management keep Minnesota’s bond ratings among the highest of any state in the nation."

The rating agency Fitch, which yesterday downgraded the nation's rating, added, "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 revenues 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."