I guess Minnesota needs to do more work to get their fiscal house in order. S&P downgrade Minnesota from AAA rating to AA+ rating. It will be interesting to see what the State does to balance the budget, cut spending or increase taxes. This is a real problem now as our Median Income in Minnesota took about a 2% drop to $55,459 according the US Census.
S&P, which now rates Minnesota at AA+, said the shift was in reaction to the state’s continued reliance on one-off fixes to balance its budget, The Wall Street Journalreported. The move could make it more expensive for the state to borrow money for bonding measures and other projects.
Read Full Article from Minneapolis St Paul Business Journal:
- MN one of few states with S&P’s highest credit rating (craigkamman.wordpress.com)
- Minnesota loses its pristine debt rating (money.cnn.com)
- Minnesota Ends Its Budget Crisis, at Heavy Cost (time.com)