Fitch, Moody’s and Standard & Poor’s all agree: Minnesota has earned the highest bond rating achievable.

In July 2023, Fitch, Standard & Poor’s, and Moody’s all reaffirmed the state’s AAA rating.

“Top bond ratings are important because they help reduce the cost of borrowing to make needed improvements across the state,” said Minnesota Management and Budget Deputy Commissioner Erin Campbell. “Minnesota demonstrated during the recent pandemic and period of economic uncertainty that our balanced approach toward spending, healthy reserves, and low long-term debt enable us to be agile and responsive even amid historic challenges.”

Fitch Ratings

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.

Moody’s Investors Service

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.

S&P Global

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.