(KNSI) – The State of Minnesota has received a coveted Triple-A bond rating from a second agency. The mark is the best possible investment grade tier at Moody’s and Standard and Poor’s.
It will reduce the cost to borrow to repair roads and bridges, among other items. Bonds are often issued for major infrastructure and other capital projects.
Fitch is the other influential agency and it is expected to issue an assessment soon. The Triple-A rating from Moody’s is its first for Minnesota since 2003.
Governor Tim Walz says, “Getting upgraded by Moody’s is an incredible achievement at any time and particularly on the heels of a historic pandemic that has created uncertainty in the global marketplace. Careful fiscal management, a diverse economy, record low unemployment, and strong financial reserves put us at the threshold of what relatively few states have, AAA bond ratings across the board.”
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