Top Minnesota budget officials head to Wall Street
- July 15, 2013 - 5:42 AM
Leading figures from Minnesota's state budget agency are headed to Wall Street for meetings with influential credit rating firms.
The bond house trips are typical after a new state budget is adopted and before the state gets ready to issue long-term debt to pay for construction projects.
Minnesota is one notch below the best rating with each of the three major agencies. Their ratings help determine interest rates on long-term debt. School district borrowing costs are also tied to the state's credit score.
The four-person delegation is led by Minnesota Management and Budget Commissioner Jim Schowalter. He said ahead of this week's trip that he will argue to the rating agencies that the state's fiscal situation has stabilized and past budget problems are being confronted directly.
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