Minnesota is keeping its top financial rating despite a challenging year.
Financial analysts Standard & Poor's and Fitch announced that Minnesota will maintain its AAA rating, which Minnesota Management and Budget Commissioner Jim Schowalter said will "bolster our ability to continue making smart investments in Minnesota's future by lowering interest rates for the state and reducing our cost of borrowing."
Fitch reported that Minnesota's ratings reflected the state's "solid and broad-based economy, highly educated workforce, expanding population, and a revenue structure well-designed to capture economic growth." The state is "well positioned to manage through economic cycles while maintaining a high level of financial flexibility," it added.
Schowalter said in a statement that the ratings meanwhile illustrate Minnesota's ability to respond to challenges created by the pandemic.
Gov. Tim Walz added in response to the news that the rating "is a testament to our strong overall fiscal position and handling of the COVID-19 pandemic."
"Our economy is strong, and together, we are keeping Minnesotans safe and protecting the well-being of our state," Walz said. "Now, we need to keep investing in all Minnesotans, so our economy works for everyone, everywhere in Minnesota — not just those at the top."
