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Minn. Bond Rating Downgraded Over Budget Woes

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(credit: CBS)

(credit: CBS)

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ST. PAUL, Minn. (AP) – Minnesota is seeing its credit rating slip over budget problems that have led to the state’s week-old government shutdown.

The state finance agency, Minnesota Management and Budget, said Thursday that Fitch Rating downgraded the state’s bond rating a notch from AAA to AA+ because the state hasn’t addressed a structural deficit.

Management and Budget Commissioner Jim Schowalter says the state is slipping after years of temporary budget fixes.

He says the downgrade will increase the state’s borrowing costs and could make credit more expensive for cities, counties and schools.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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