Minnesota's Credit Rating Upgraded For the First Time in Five Years
Fitch Ratings announced Thursday that it has raised our state’s rating to AAA.
A low credit rating can have negative consequences across a state as cities, counties and school districts depend on the state’s budget and finances. After losing top credit status in 1982, it took Minnesota fifteen years to regain it. Our state enjoyed a “golden era” of top credit ratings until 2011 when, after years of financial instability and an “increasingly contentious” budgeting environment, Fitch Ratings and Moody’s Investor Service downgraded Minnesota’s credit rating from AAA to AA+. As Republican leaders in the state legislature led us down a path of deficits, drastic budget cuts, and borrowing, Minnesota’s economic future grew more and more uncertain.
Thankfully, Governor Dayton and DFL leaders balanced the state’s budget in 2013 by asking corporations and the wealthy to pay their fair share, and paid back money borrowed from our schools. Minnesota’s economy is “solid and broad-based” and has improved dramatically since 2011. Governor Dayton attributed the upgraded rating to “hard-working Minnesotans and businesses” who have led our state to economic recovery and growth.
Thank you, Governor Dayton, for responsibly balancing the budget, strengthening the economy, and leading our state toward a path where the economy works better for everyone, not just the wealthy.