WCCO 4 News Live Stream: Click Here To Watch WCCO 4 News At 10 | Video Library
Help WCCO raise money for the Animal Humane Society's Walk For Animals! Call 800-542-9226 or click here.

Moody’s Ups Minnesota Financial Status To ‘Stable’

ST. PAUL, Minn. (AP) — A major credit rating agency has upgraded its outlook on Minnesota’s financial status from “negative” to “stable.”

Minnesota Management and Budget announced Tuesday that Moody’s Investor Services bumped up the state’s standing. It doesn’t involve an actual increase in the state’s credit rating, which remains at the second-highest level possible. But Management and Budget Commissioner Jim Showalter says it shows the state has “turned a corner” in its financial management.

Moody’s put Minnesota on negative watch in August 2011. The agency cited political dysfunction in St. Paul and a reliance on temporary solutions to address budget deficits.

The state plans to sell three series of bonds in August, and credit agency ratings influences interest rates for those bonds.

Showalter recently pitched Minnesota’s improving finances to bond agencies in New York.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

More From WCCO | CBS Minnesota

Batting Practice Buddies
The Leaderboard
Best Pride Events

Listen Live