St. Paul, MN (KROC-AM News) - Minnesota has maintained its top bond rating.

The Minnesota Department of Management and Budget says Standard &
Poors and Fitch have announced the rating agency has affirmed Minnesota’s Triple-A status, which is the highest awarded by the analysts.

Governor Tim Walz welcomed the news. “AAA ratings from Fitch and Standard & Poor’s is a testament to Minnesota’s strong economy and fiscal management. We are proud of the work we did this legislative session to help secure this rating. Now we need to work to pass a robust bonding bill to invest in the future and ensure our economy works for all Minnesotans.”

The Wall Street firms' announcement indicates the state’s diverse economy, strong financial results, healthy reserves, and moderate debt levels have put Minnesota is a good position to deal with future economic uncertainties.

State officials note the top rating should allow the state to enjoy lower borrowing costs when it issues general obligation bonds for sale next month.