“While actions at the federal level are creating red flags for the U.S. economy, America’s top rating agencies have once again signaled their support for the responsible financial decisions we are making here in Minnesota,” said Governor Walz. “These ratings are a testament to the strength of Minnesota’s economy and our commitment to responsible financial stewardship. By balancing budgets, protecting reserves, and investing in the future, we’ve maintained one of the strongest financial positions in the nation.”  

The AAA rating is the most rigorous and prestigious among the major credit agencies. Minnesota is one of only 16 states nationwide that currently hold this rating, underscoring its status among the most well-managed states in the country.  

“Governor Walz and state leaders continue to focus on investments that make Minnesota a place where people want to live, work and raise a family,” said Minnesota Management and Budget Commissioner Erin Campbell. “In order to protect those investments, we had to make hard budgetary choices this year and were able to reach consensus on those choices with the most closely divided legislature in the country -- which is a major accomplishment. I am very grateful to the Governor and legislative leaders for doing the hard work together so we could continue to invest in long-term priorities while also reflecting short-term budgetary realities.” 

In affirming Minnesota’s AAA rating, Moody’s Investors Service stated, “The AAA issuer rating reflects the state's high fund balances, modest long-term leverage and high degree of financial flexibility.” 

In affirming its AAA rating, Fitch Ratings said Minnesota’s 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.” 

S&P Global Ratings said in affirming its AAA rating, “The ‘AAA’ GO rating reflects our view of the state’s robust financial management framework, its actions to manage the outyear structural budgetary gap and maintain strong reserves, its favorable economic profile and good medium-term performance prospects relative to those of state peers, and its conservatively managed debt and liability profile with well-funded pensions and limited fixed cost exposure.”