Overview
As the COVID-19 pandemic continues, the ratings on Minnesota local governments rated by S&P Global Ratings have mostly remained resilient, driven by largely stable property tax bases, balanced budgets, and very strong reserves and liquidity.
S&P Global Ratings maintains ratings on 326 cities, 64 counties, and 122 school districts in Minnesota as of Sept. 30, 2021. Overall, local government credit quality in the state remained stable despite the COVID-19 pandemic, as most entities do not have outsized reliance on economically sensitive revenue, and most responded preemptively by managing their revenue expectations and expenditures.
Only 10% of the rated issuers experienced rating changes as of January 2020 through Sept. 30, 2021. During this time, 2% of Minnesota local governments had positive rating actions and 8% had negative rating actions on their issuer credit ratings or general obligation bonds. Most of the ratings, 96%, have a stable outlook.
Most downgrades resulted from weakened economic measures and concentration, deteriorating budget performance, and weakened budgetary flexibility. In some cases, financial deterioration was exacerbated by weakened management controls. Weak to very weak debt burdens also contributed to diminished flexibility and credit deterioration. While upgrades were not common, they were mainly attributed to sustained economic and financial improvement.
Credit Fundamentals
Potential Challenges
- In Minnesota, city and county ratings typically feature very strong reserves relative to national peers
- State source revenues, such as local government aid and school funding, remained steady in 2020 and in 2021, and the near-term outlook for stability is good
- Local governments in Minnesota benefit from manageable pension burdens, with contributions typically taking only a modest share of the budget
- Cities in Minnesota tend to have very strong reserves, with the medians in all rating categories exceeding 30%, but debt service carrying charges tend to be higher
- Many Minnesota cities have a weak or very weak overall burden, often accompanied by elevated debt service carrying charges
- Per capita market values, particularly in rural parts of the state, can be very strong, but are susceptible to commodity price fluctuations
- Population declines and other economic weaknesses in some areas of the state can dampen economic growth prospects and revenue
- The cost of providing special education services can contribute to fluctuating budgetary performance for school districts
What We're Watching In 2021 And Beyond
Broader Revenue Sources Remained Steady And Predictable In 2021 And Are Likely To Continue
The adverse fiscal effects of the COVID-19 pandemic were less severe than originally feared, as many Minnesota cities, counties, and school districts curtailed their expenses in anticipation of what could have been a pressured revenue environment. We note that school districts benefited from reduced expenditures because of remote schooling in the early stages of the pandemic, and increasing overall state funding. Enrollment fluctuations, whether due to population loss or pandemic-induced, could pressure school budgets in 2022 and possibly 2023, as can the cost of providing special education services. Property tax revenue remained steady for most all local governments and schools in Minnesota. Local government aid from the state, which for most comprises a small share of their budgets, remains predictable. Multiple rounds of federal stimulus funds, including under the CARES Act and the American Rescue Plan, have some limitations regarding their use but can help offset the costs of eligible expenses.
Minnesota's 2022-2023 biennium budget, which was crafted with the goal of long-term structural balance, coupled with strong revenue growth, support our expectation that funding for local governments and schools should remain predictable.
Spotlight on Environment, Social and Governance Factors (ESG)
While Minnesota is experiencing acute environmental physical risks stemming from climate change, including the statewide drought and wildfire in its remote northeastern corner, we do not view them as immediate risks to ratings of the state or local governments. In addition, the state is working to assess and mitigate these risks by funding climate vulnerability assessments and resiliency planning, tree planting, cover crops, and water runoff management.
In the longer term, we view social risks for the state and for some local entities as elevated because of population loss and higher age-dependency ratios, which could hinder economic growth and increase service costs. In rare cases, social risk due to community unrest has emerged.
Governance risks for most issuers are in line with the sector standard. A small number of entities have higher governance risk owing to lack of controls, vulnerable management practices, and management turnover.
Minnesota Local Governments Data
Table 1
Minnesota Counties: Medians | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Rating-- | ||||||||||||||
AAA | AA+ | AA | AA- | A+ | A | |||||||||
Projected per capita EBI (%) | 122 | 96 | 89 | 87 | 76 | 77 | ||||||||
Market value per capita ($) | 134,276 | 120,281 | 168,275 | 287,063 | 101,771 | 123,514 | ||||||||
Available general fund (%) | 42 | 70 | 61 | 49 | 82 | 13 | ||||||||
General fund performance (%) | 4.7 | 6.6 | 5.1 | 4.7 | 11.4 | (1.9) | ||||||||
Cash and expense (%) | 75 | 70 | 72 | 60 | 56 | 60 | ||||||||
Carrying charge (%) | 3.3 | 4.6 | 4.6 | 3.6 | 1.6 | 1.8 | ||||||||
Pension ARC + OPEB as % expense | 3.7 | 3.0 | 2.7 | 2.5 | 2.2 | 4.1 | ||||||||
EBI--Effective buying income. ARC--Annual required contribution. OPEB--Other postemployment benefits. |
Chart 1
Chart 2
Table 2
Minnesota Counties: Ratings List | ||||||
---|---|---|---|---|---|---|
As of Sept. 30, 2021 | ||||||
This list was prepared by individuals on bhealf of the USPF Group of S&P Global Ratings and is current as of Sept. 30, 2021. For the most up to date, accurate, and complete information on any credit ratings referenced in this list, please visit www.standardandpoors.com | ||||||
Entity | Rating | Outlook | ||||
Anoka County | AA+ | Stable | ||||
Becker County | AA | Stable | ||||
Benton County | AA | Stable | ||||
Big Stone County | AA- | Stable | ||||
Blue Earth County | AA+ | Stable | ||||
Brown County | AA | Stable | ||||
Carver County | AAA | Stable | ||||
Chisago County | AA | Stable | ||||
Clay County | AA | Stable | ||||
Cook County | AA | Stable | ||||
Cottonwood County | AA- | Stable | ||||
Crow Wing County | AA | Stable | ||||
Dakota County | AAA | Stable | ||||
Dodge County | AA | Stable | ||||
Douglas County | AA | Stable | ||||
Faribault County | AA- | Stable | ||||
Grant County | AA- | Stable | ||||
Hennepin County | AAA | Stable | ||||
Houston County | AA | Stable | ||||
Itasca County | A | Stable | ||||
Jackson County | AA | Stable | ||||
Kanabec County | AA- | Stable | ||||
Kandiyohi County | AA | Stable | ||||
Kittson County | AA- | Stable | ||||
Koochiching County | A+ | Stable | ||||
Lake County | AA- | Stable | ||||
Le Sueur County | AA | Stable | ||||
Lincoln County | AA- | Stable | ||||
Lyon County | AA | Stable | ||||
Mahnomen County | AA- | Stable | ||||
Marshall County | AA- | Stable | ||||
Martin County | AA | Stable | ||||
McLeod County | AA | Stable | ||||
Meeker County | AA | Stable | ||||
Mille Lacs County | A | Negative | ||||
Morrison County | AA | Stable | ||||
Nobles County | AA | Stable | ||||
Olmsted County | AAA | Stable | ||||
Otter Tail County | AA | Stable | ||||
Pennington County | AA- | Stable | ||||
Pine County | AA- | Stable | ||||
Pipestone County | AA | Stable | ||||
Polk County | AA | Stable | ||||
Pope County | AA | Stable | ||||
Ramsey County | AAA | Stable | ||||
Redwood County | AA | Stable | ||||
Rice County | AA | Stable | ||||
Rock County | AA+ | Stable | ||||
Roseau County | AA- | Negative | ||||
Scott County | AAA | Stable | ||||
Sherburne County | AA+ | Stable | ||||
St Louis County | AA+ | Stable | ||||
Stearns County | AA+ | Stable | ||||
Steele County | AA | Stable | ||||
Stevens County | AA | Stable | ||||
Swift County | AA- | Stable | ||||
Traverse County | AA- | Stable | ||||
Wabasha County | AA+ | Stable | ||||
Waseca County | AA | Stable | ||||
Washington County | AAA | Stable | ||||
Watonwan County | AA | Stable | ||||
Wilkin County | AA- | Stable | ||||
Winona County | AA | Stable | ||||
Wright County | AA+ | Stable |
Table 3
Minnesota Cities: Medians | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Rating-- | ||||||||||||||||||
AAA | AA+ | AA | AA- | A+ | A | A- | BBB+ or Lower | |||||||||||
Projected per capita EBI (%) | 149 | 116 | 100 | 86 | 84 | 80 | 81 | 81 | ||||||||||
Market value per capita ($) | 154,666 | 120,962 | 98,988 | 76,244 | 60,339 | 55,865 | 54,113 | 48,186 | ||||||||||
Available general fund (%) | 64 | 71 | 78 | 93 | 86 | 64 | 47 | 39 | ||||||||||
General fund performance (%) | 7.0 | 6.6 | 6.3 | 5.3 | 4.4 | 8.1 | (2.3) | (1.3) | ||||||||||
Cash and expense (%) | 163 | 167 | 158 | 157 | 147 | 167 | 117 | 88 | ||||||||||
Carrying charge (%) | 7.5 | 11.4 | 13.4 | 13.1 | 14.0 | 15.4 | 15.0 | 8.3 | ||||||||||
Pension ARC + OPEB as % expense | 3.7 | 3.0 | 2.6 | 2.8 | 2.1 | 2.6 | 2.3 | 3.1 | ||||||||||
EBI--Effective buying income. ARC--Annual required contribution. OPEB--Other postemployment benefits. |
Chart 3
Chart 4
Table 4
Minnesota Cities: Ratings List | ||||||||
---|---|---|---|---|---|---|---|---|
As of Sept. 30, 2021 | ||||||||
This list was prepared by individuals on bhealf of the USPF Group of S&P Global Ratings and is current as of Sept. 30, 2021. For the most up to date, accurate, and complete information on any credit ratings referenced in this list, please visit www.standardandpoors.com | ||||||||
Entity | Rating | Outlook | CreditWatch | |||||
Ada | A+ | Stable | ||||||
Adrian | A+ | Stable | ||||||
Afton | AA+ | Stable | ||||||
Aitkin | A+ | Stable | ||||||
Albany | A+ | Stable | ||||||
Albert Lea | AA- | Stable | ||||||
Alexandria | AA | Stable | ||||||
Andover | AA+ | Stable | ||||||
Annandale | AA- | Stable | ||||||
Anoka | AA+ | Stable | ||||||
Apple Vy | AAA | Stable | ||||||
Appleton | A- | Stable | ||||||
Arden Hills | AAA | Stable | ||||||
Arlington | AA- | Stable | ||||||
Ashby | A | Stable | ||||||
Audubon City | A+ | Stable | ||||||
Avon | AA- | Stable | ||||||
Babbitt | A+ | Stable | ||||||
Bagley | A | Stable | ||||||
Balaton | BB | Stable | ||||||
Barnesville | A+ | Stable | ||||||
Battle Lake | AA- | Stable | ||||||
Baudette | A | Stable | ||||||
Belgrade | A | Stable | ||||||
Belle Plaine | AA+ | Stable | ||||||
Bemidji | A+ | Stable | ||||||
Benson | A+ | Stable | ||||||
Bethel | A+ | Stable | ||||||
Big Lake | AA | Stable | ||||||
Bird Island | A+ | Stable | ||||||
Blackduck | A | Stable | ||||||
Blaine | AAA | Stable | ||||||
Blooming Prairie | A+ | Stable | ||||||
Bloomington | AAA | Stable | ||||||
Blue Earth | A+ | Stable | ||||||
Brainerd | AA- | Stable | ||||||
Brandon | A | Stable | ||||||
Breezy Point | AA | Stable | ||||||
Brooklyn Ctr | AA | Negative | ||||||
Brooklyn Pk | AA+ | Stable | ||||||
Brooten | A+ | Stable | ||||||
Buffalo | A+ | Stable | ||||||
Buhl | A+ | Stable | ||||||
Burnsville | AAA | Stable | ||||||
Byron | AA | Stable | ||||||
Caledonia | AA- | Stable | ||||||
Cambridge | AA | Stable | ||||||
Canby | A- | Stable | ||||||
Cannon Falls | AA- | Stable | ||||||
Carver | AA | Stable | ||||||
Center Twn | A | NM | Negative | |||||
Centerville | AA | Stable | ||||||
Champlin | AA+ | Stable | ||||||
Chanhassen | AAA | Stable | ||||||
Chaska | AA | Negative | ||||||
Chatfield | AA | Stable | ||||||
Chisago City | AA | Stable | ||||||
Circle Pines | AA+ | Stable | ||||||
City of Eagle Bend | A+ | Stable | ||||||
City of Gibbon | A+ | Stable | ||||||
City of Lauderdale | AA | Stable | ||||||
City of Shafer | A+ | Stable | ||||||
City of Spring Park | AA+ | Stable | ||||||
Clara City | A | Stable | ||||||
Clarkfield | BBB- | Negative | ||||||
Clearwater | AA | Stable | ||||||
Cleveland | A+ | Stable | ||||||
Cloquet | AA | Stable | ||||||
Cokato | AA- | Stable | ||||||
Cold Spring | A+ | Stable | ||||||
Cologne | AA | Stable | ||||||
Columbia Hgts | AA | Stable | ||||||
Cottage Grove | AA+ | Stable | ||||||
Cottonwood | A+ | Stable | ||||||
Credit River Township | AA+ | Stable | ||||||
Crosslake | AA+ | Stable | ||||||
Dawson | A | Stable | ||||||
Dayton | AA | Stable | ||||||
Deephaven | AAA | Stable | ||||||
Delano | AA | Stable | ||||||
Denmark Township | AA- | Stable | ||||||
Detroit Lakes | AA | Stable | ||||||
Dilworth | AA- | Stable | ||||||
Duluth | AA | Stable | ||||||
Dundas | AA- | Stable | ||||||
Eagan | AAA | Stable | ||||||
Eagle Lake | AA- | Stable | ||||||
East Bethel | AA | Stable | ||||||
Eden Prairie | AAA | Stable | ||||||
Eden Valley | AA- | Stable | ||||||
Edina | AAA | Stable | ||||||
Elbow Lake | A | Stable | ||||||
Elk River | AA+ | Stable | ||||||
Elko New Market | AA+ | Stable | ||||||
Ely | AA- | Stable | ||||||
Elysian | AA- | Stable | ||||||
Emily | AA- | Stable | ||||||
Empire Township | AA+ | Stable | ||||||
Evansville | A+ | Stable | ||||||
Excelsior | AAA | Stable | ||||||
Eyota | AA- | Stable | ||||||
Fairfax | A | Stable | ||||||
Falcon Heights | AAA | Stable | ||||||
Faribault | AA | Stable | ||||||
Farmington | AA+ | Stable | ||||||
Fertile | BBB+ | Stable | ||||||
Fish Lake Town | AA- | Stable | ||||||
Foley | AA- | Stable | ||||||
Forest Lake | AA+ | Stable | ||||||
Fosston | A- | Stable | ||||||
Franconia, Township of | A | Stable | ||||||
Freeport | A | Stable | ||||||
Fulda | A | Stable | ||||||
Gaylord | AA- | Stable | ||||||
Gilbert | A+ | Stable | ||||||
Glenwood | AA- | Stable | ||||||
Glyndon | A+ | Stable | ||||||
Goodhue | AA- | Stable | ||||||
Goodview | AA- | Stable | ||||||
Grand Lake Twn | A+ | Stable | ||||||
Grand Marais | AA | Stable | ||||||
Grand Rapids | AA- | Stable | ||||||
Granite Falls | A | Stable | ||||||
Greenfield | AA | Stable | ||||||
Hallock | A+ | Stable | ||||||
Ham Lake | AA+ | Stable | ||||||
Hancock | A+ | Stable | ||||||
Hastings | AA | Stable | ||||||
Hawley | AA | Stable | ||||||
Hayfield | A | Stable | ||||||
Hermantown | AA | Stable | ||||||
Heron Lake | AA- | Stable | ||||||
Hibbing | AA | Stable | ||||||
Hinckley | A+ | Stable | ||||||
Hoffman | A- | Negative | ||||||
Hopkins | AA+ | Stable | ||||||
Howard Lake | AA- | Stable | ||||||
Hoyt Lakes | A- | Stable | ||||||
Hugo | AA+ | Stable | ||||||
Hutchinson | AA- | Stable | ||||||
Independence | AA+ | Stable | ||||||
International Falls | A+ | Stable | ||||||
Inver Grove Hgts | AA+ | Stable | ||||||
Isanti | AA- | Stable | ||||||
Isle | A- | Negative | ||||||
Jackson | A+ | Stable | ||||||
Janesville | A+ | Stable | ||||||
Jordan | AA- | Stable | ||||||
Kasson | AA- | Stable | ||||||
Kenyon | A+ | Stable | ||||||
Lake Benton | A+ | Stable | ||||||
Lake City | AA | Stable | ||||||
Lake Crystal | AA | Stable | ||||||
Lake Elmo | AA+ | Stable | ||||||
Lake Shore | AA- | Stable | ||||||
Lakefield | A+ | Stable | ||||||
Lakeland | A | Negative | ||||||
Lamberton | A- | Stable | ||||||
Lanesboro | A+ | Stable | ||||||
Le Center | A+ | Stable | ||||||
Le Sueur | A+ | Negative | ||||||
LeRoy | A+ | Stable | ||||||
Lewiston | A+ | Stable | ||||||
Lexington | AA | Stable | ||||||
Lindstrom | AA | Stable | ||||||
Lino Lakes City | AA+ | Stable | ||||||
Litchfield | AA- | Stable | ||||||
Little Canada | AA+ | Stable | ||||||
Little Falls | A+ | Stable | ||||||
Littlefork | A | Stable | ||||||
Long Lake | AA | Stable | ||||||
Lonsdale | AA- | Stable | ||||||
Loretto | AA | Stable | ||||||
Luverne | AA- | Stable | ||||||
Madelia | A+ | Stable | ||||||
Madison | A- | Stable | ||||||
Madison Lake | A+ | Stable | ||||||
Mahnomen | A+ | Stable | ||||||
Mahtomedi | AA+ | Stable | ||||||
Mankato | AA | Stable | ||||||
Mantorville | AA- | Stable | ||||||
Maple Grove | AAA | Stable | ||||||
Maple Lake | AA- | Stable | ||||||
Maple Plain | AA | Stable | ||||||
Mapleton | AA- | Stable | ||||||
Maplewood | AA+ | Stable | ||||||
Marshall | AA | Stable | ||||||
Mayer | AA | Stable | ||||||
Menahga | BBB+ | Negative | ||||||
Mendota Heights | AAA | Stable | ||||||
Milaca | AA- | Stable | ||||||
Minneapolis | AAA | Negative | ||||||
Minneota | A+ | Stable | ||||||
Minnetonka Beach | AAA | Stable | ||||||
Minnetrista | AA+ | Stable | ||||||
Montevideo | AA- | Stable | ||||||
Montgomery | A+ | Stable | ||||||
Montrose | AA | Stable | ||||||
Moose Lake | A+ | Stable | ||||||
Mora | A+ | Stable | ||||||
Motley | A+ | Stable | ||||||
Mound | AA | Stable | ||||||
Mounds View | AA | Stable | ||||||
Mountain Iron | AA- | Stable | ||||||
Mountain Lake | A+ | Stable | ||||||
New Brighton | AA+ | Stable | ||||||
New Germany | AA | Stable | ||||||
New Hope | AA | Stable | ||||||
New London | A+ | Stable | ||||||
New Prague | AA | Stable | ||||||
New Richland | A+ | Stable | ||||||
New York Mills City | A | Stable | ||||||
Newport | AA | Stable | ||||||
Nicollet | A | Stable | ||||||
North Branch | AA- | Stable | ||||||
North Mankato | AA | Stable | ||||||
North Saint Paul | AA | Stable | ||||||
Northfield | AA | Stable | ||||||
Norwood Young America | AA- | Stable | ||||||
Nowthen | AA+ | Stable | ||||||
Olivia | A+ | Stable | ||||||
Ortonville | AA- | Stable | ||||||
Osakis | A+ | Stable | ||||||
Osseo | AA | Stable | ||||||
Otsego | AA+ | Stable | ||||||
Ottertail | AA | Stable | ||||||
Park Rapids | AA- | Stable | ||||||
Parkers Prairie | BBB+ | Stable | ||||||
Paynesville | AA- | Stable | ||||||
Pelican Rapids | A+ | Stable | ||||||
Perham | AA- | Stable | ||||||
Pine City | A+ | Stable | ||||||
Pine Island | AA- | Stable | ||||||
Pipestone | AA- | Stable | ||||||
Plymouth | AAA | Stable | ||||||
Preston | AA- | Stable | ||||||
Princeton | AA | Stable | ||||||
Prinsburg | A- | Stable | ||||||
Prior Lake | AA+ | Stable | ||||||
Ramsey | AA+ | Stable | ||||||
Redwood Falls | AA | Stable | ||||||
Renville | A | Stable | ||||||
Richfield | AA+ | Stable | ||||||
Richmond | AA- | Stable | ||||||
Robbinsdale | AA+ | Stable | ||||||
Rochester | AAA | Stable | ||||||
Rockford | AA | Stable | ||||||
Rockville | AA+ | Stable | ||||||
Rogers (Hennepin Cnty) | AA+ | Stable | ||||||
Rollingstone | A | Stable | ||||||
Rosemount | AA+ | Stable | ||||||
Roseville | AAA | Stable | ||||||
Royalton | A | Stable | ||||||
Rush City | A+ | Stable | ||||||
Rushford | A | Stable | ||||||
Sandstone | A+ | Stable | ||||||
Sartell | AA | Stable | ||||||
Sauk Centre | AA- | Stable | ||||||
Sauk Rapids | AA | Stable | ||||||
Savage | AAA | Stable | ||||||
Scandia | AA | Stable | ||||||
Shakopee | AA+ | Stable | ||||||
Sherburn | A+ | Stable | ||||||
Shoreview | AAA | Stable | ||||||
Shorewood | AA+ | Stable | ||||||
Slayton | A+ | Stable | ||||||
Sleepy Eye | AA- | Stable | ||||||
Spicer | AA- | Stable | ||||||
Spring Lake Park | AA | Stable | ||||||
Spring Lake Township | AA | Stable | ||||||
Spring Vy City | A+ | Stable | ||||||
Springfield | A+ | Stable | ||||||
St Augusta | AA | Stable | ||||||
St Charles | A+ | Stable | ||||||
St Cloud | AA+ | Stable | ||||||
St James | A | Stable | ||||||
St Peter | AA- | Stable | ||||||
St. Anthony (Ramsey Cnty) | AA | Stable | ||||||
St. Bonifacius | A+ | Stable | ||||||
St. Francis | AA | Stable | ||||||
St. Joseph | AA- | Stable | ||||||
St. Louis Park | AAA | Stable | ||||||
St. Michael | AA | Stable | ||||||
St. Paul | AAA | Stable | ||||||
St. Paul Pk | AA | Stable | ||||||
Stacy | AA- | Stable | ||||||
Staples | A | Stable | ||||||
Starbuck | A+ | Stable | ||||||
Stephen | BBB+ | Stable | ||||||
Taylors Falls | A+ | Stable | ||||||
Thief River Falls | AA- | Stable | ||||||
Thomson | AA | Stable | ||||||
Tracy | A | Stable | ||||||
Truman | AA- | Stable | ||||||
Twin Valley | A | Stable | ||||||
Two Harbors | AA- | Stable | ||||||
Tyler | A- | Stable | ||||||
Vadnais Hgts | BB | Stable | ||||||
Victoria | AAA | Stable | ||||||
Virginia | BBB+ | Stable | ||||||
Wabasha | AA- | Stable | ||||||
Wabasso | AA- | Stable | ||||||
Waconia | AA+ | Stable | ||||||
Wadena | AA- | Stable | ||||||
Waite Park | AA | Stable | ||||||
Walnut Grove | A | Stable | ||||||
Wanamingo | A- | Stable | ||||||
Warren | A- | Stable | ||||||
Watab Town | A+ | Stable | ||||||
Watkins | A | Stable | ||||||
Waverly | AA- | Stable | ||||||
Wayzata, City of | AAA | Stable | ||||||
Welcome | A+ | Stable | ||||||
Wells | A+ | Stable | ||||||
West Concord | AA- | Stable | ||||||
West Saint Paul | AA | Stable | ||||||
Westbrook | A- | Stable | ||||||
White Bear Lake | AA+ | Stable | ||||||
White Bear Township | AA+ | Stable | ||||||
Windom | A+ | Stable | ||||||
Winnebago | A+ | Stable | ||||||
Winsted | A | Stable | ||||||
Winthrop | A+ | Stable | ||||||
Woodbury | AAA | Stable | ||||||
Worthington | AA- | Stable | ||||||
Zumbrota | AA- | Stable |
Table 5
Minnesota Schools: Medians | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Rating-- | ||||||||||||||||||
AAA | AA+ | AA | AA- | A+ | A | A- | BBB+ or Lower | |||||||||||
Household EBI (%) | 162 | 125 | 119 | 122 | 98 | 93 | 109 | 98 | ||||||||||
Market value per capita ($) | 235,047 | 113,980 | 139,468 | 138,579 | 192,128 | 154,909 | 117,645 | 185,243 | ||||||||||
Available general fund (%) | 12.4 | 29.6 | 13.9 | 20.5 | 23.1 | 18.9 | 6.1 | (3.2) | ||||||||||
Debt per capita ($) | 5,880 | 2,914 | 2,819 | 3,513 | 2,574 | 2,564 | 3,512 | 1,747 | ||||||||||
Debt as % market value | 2.5 | 2.5 | 2.7 | 2.9 | 1.9 | 1.9 | 3.2 | 2.3 | ||||||||||
Pension ARC + OPEB as % expense | 3.5 | 2.7 | 4.7 | 3.5 | 3.4 | 3.4 | 3.6 | 3.8 | ||||||||||
EBI--Effective buying income. ARC--Annual required contribution. OPEB--Other postemployment benefits. |
Chart 5
Chart 6
Table 6
Minnesota Schools: Ratings List | ||||||
---|---|---|---|---|---|---|
As of Sept. 30, 2021 | ||||||
This list was prepared by individuals on bhealf of the USPF Group of S&P Global Ratings and is current as of Sept. 30, 2021. For the most up to date, accurate, and complete information on any credit ratings referenced in this list, please visit www.standardandpoors.com | ||||||
Entity | Rating | Outlook | ||||
Adrian Indpt Sch Dist #511 | A+ | Stable | ||||
Albany Indpt Sch Dist #745 | A+ | Stable | ||||
Anoka-Hennepin Independent School District #11 | AA- | Stable | ||||
Atwater Cosmos Grove City Indpt Sch Dist #2396 | A+ | Stable | ||||
Barnesville Indpt Sch Dist #146 | A+ | Stable | ||||
Barnum Independent School District No. 91 | A+ | Stable | ||||
Becker Indpt Sch Dist #726 | A- | Negative | ||||
Belle Plaine Indpt Sch Dist #716 | A+ | Stable | ||||
Bemidji Indpt Sch Dist #31 | A- | Stable | ||||
Benson Indpt Sch Dist #777 | A | Stable | ||||
Bloomington Indpt Sch Dist #271 | AA | Negative | ||||
Braham Indpt Sch Dist #314 | A- | Stable | ||||
Brainerd Indpt Sch Dist #181 | A | Stable | ||||
Brandon-Evansville Ind Sch Dist 2908 | A+ | Stable | ||||
Browerville Indpt Sch Dist No. 787 | A+ | Stable | ||||
Byron Indpt Sch Dist #531 | AA- | Stable | ||||
Cedar Mtn Indpt Sch Dist #2754 | A+ | Stable | ||||
Centennial Independent School District #12 Circle Pines | AA- | Stable | ||||
Central Public Schools Independent School District No.108 | A+ | Stable | ||||
Chatfield Independent School District #227 | A+ | Stable | ||||
Chisago Lakes Area Independent School District #2144 | A- | Stable | ||||
Clearbrook-Gonvick Indpt Sch Dist #2311 | A | Stable | ||||
Climax-Shelly Independent School District #592 | A+ | Stable | ||||
Crosby-Ironton Indpt Sch Dist #182 | A+ | Stable | ||||
Dawson-Boyd Indpendent School District #378 | A+ | Stable | ||||
Deer River Indpt Sch Dist #317 | A | Stable | ||||
Detroit Lakes Indpt Sch Dist #22 | A+ | Stable | ||||
Dilworth-Glyndon-Felton Indpt Sch Dist #2164 | A+ | Stable | ||||
Dover-Eyota Indpt Sch Dist #533 | AA- | Stable | ||||
East Grand Forks Indpt Sch Dist #595 | A+ | Stable | ||||
Edina Indpt Sch Dist #273 | AAA | Stable | ||||
Eveleth-Gilbert Indpt Sch Dist #2154 | A+ | Stable | ||||
Faribault Indpt Sch Dist #656 | A+ | Stable | ||||
Fillmore Cent Indpt Sch Dist #2198 | AA- | Stable | ||||
Fisher Indpt Sch Dist #600 | AA- | Stable | ||||
Foley Indpt Sch Dist #51 | A+ | Stable | ||||
Frazee-Vergas Indpt Sch Dist #23 | A+ | Negative | ||||
GFW Indpt Sch Dist #2365 | BBB+ | Negative | ||||
Greenway Indpt Sch Dist #316 | A+ | Stable | ||||
Hawley Indpt Sch Dist #150 | A+ | Stable | ||||
Hennepin Cnty Indpt Sch Dist No 281 Robbinsdale Area Schs | A- | Stable | ||||
Hills-Beaver Creek Indpt Sch Dist # 671 | A+ | Stable | ||||
Houston Indpt Sch Dist #294 | A+ | Stable | ||||
Howard Lake-Waverly-Winsted Indpt Sch Dist #2687 | A | Stable | ||||
Independent School District #2143 (Waterville-Elysian-Morristown) | A+ | Stable | ||||
Independent School District #518 Worthington | AA- | Stable | ||||
Independent School District #706 | A+ | Stable | ||||
Independent School District No 2890 Renville County West Renville and Kandiyohi Counties | A+ | Stable | ||||
Independent School District No. 2904 (Tracy Area Public Schools) | A+ | Stable | ||||
Independent School District Number 2907 (Round Lake-Brewster Public Schools) | A | Stable | ||||
International Falls Indpt Sch Dist #361 | A | Stable | ||||
Itasca Cnty Indpt Sch Dist #318 | A+ | Stable | ||||
Jackson Cnty Cent Indpt Sch Dist #2895 | A | Stable | ||||
Kasson-Mantorville Indpt Sch Dist #204 | AA- | Stable | ||||
Kittson Cent Indpt Sch Dist #2171 | A+ | Stable | ||||
Lac Qui Parle Vy Indpt Sch Dist #2853 | A | Stable | ||||
Lake City Indpt Sch Dist #813 | A+ | Stable | ||||
Lake Crystal-Wellcome Mem Area Indpt Sch Dist #2071 | AA | Stable | ||||
Lake Park-Audubon Indpt Sch Dist #2889 | A | Stable | ||||
Lake Superior Indpt Sch Dist #381 | A | Stable | ||||
Lake of the Woods Indpt Sch Dist #390 | A+ | Stable | ||||
Lakeview Indpt Sch Dist #2167 | A+ | Stable | ||||
Le Sueur-Henderson Indpt Sch Dist #2397 | A- | Stable | ||||
Mahnomen Indpt Sch Dist #432 | A+ | Stable | ||||
Mahtomedi Indpt Sch Dist #832 | AA- | Stable | ||||
Maple River Indpt Sch Dist #2135 | A+ | Stable | ||||
Mcgregor Indpt Sch Dist #4 | A+ | Stable | ||||
Medford Indpt Sch Dist #763 | A+ | Stable | ||||
Meeker & Mcleod Cntys Indpt Sch Dist #465 Litchfield | A | Negative | ||||
Melrose Indpt Sch Dist #740 | A+ | Stable | ||||
Menahga Indpt Sch Dist #821 | A | Stable | ||||
Minneapolis Spl Sch Dist #1 | AA | Stable | ||||
Minnesota Indpt Sch Dist #547 (Parkers Prairie) | A+ | Stable | ||||
Minnewaska Indpt Sch Dist #2149 | A | Stable | ||||
Montevideo Indpt Sch Dist #129 | A | Stable | ||||
Mora Indpt Sch Dist #332 | A | Stable | ||||
Mounds View Pub Indpt Sch Dist #621 | AA | Stable | ||||
Mountain Lake Independent School District No. 173 | A+ | Stable | ||||
New London-Spicer Indpt Sch Dist #345 | A- | Negative | ||||
New Richland-Hartland-Ellendale-Geneva Indpt Sch Dist No. 2168 | A+ | Stable | ||||
Nicollet Indpt Sch Dist #507 | A+ | Stable | ||||
North Branch Indpt Sch Dist #138 | A | Stable | ||||
Northfield Indpt Sch Dist #659 | AA+ | Stable | ||||
Ogilvie Indpt Sch Dist #333 | BBB+ | Stable | ||||
Osakis Indpt Sch Dist #213 | A+ | Stable | ||||
Park Rapids Indpt Sch Dist #309 | A+ | Stable | ||||
Pelican Rapids Indpt Sch Dist #548 | A- | Stable | ||||
Pequot Lakes Indpt Sch Dist #186 | AA- | Stable | ||||
Pillager Indpt Sch Dist #116 | A+ | Stable | ||||
Pipestone Area Schs Indpt Sch Dist #2689 | A+ | Stable | ||||
Plainview-Elgin-Millville Independent School District #2899 | AA- | Stable | ||||
Randolph Indpt Sch Dist No.195 | AA- | Stable | ||||
Richfield Indpt Sch Dist #280 | A+ | Stable | ||||
Rochester Indpt Sch Dist #535 | AA | Stable | ||||
Rockford Indpt Sch Dist #883 | AA- | Stable | ||||
Rosemount Indpt Sch Dist #196 | AA | Stable | ||||
Rothsay Independent School District No. 850 | A+ | Stable | ||||
Rush City Indpt Sch Dist #139 | A+ | Stable | ||||
Russell-Tyler-Ruthton Independent School District #2902 | A+ | Stable | ||||
Sauk Centre Indpt Sch Dist #743 | A | Stable | ||||
Sauk Rapids-Rice Indpt Sch Dist #47 | AA- | Stable | ||||
Sebeka Indpt Sch Dist #820 | A | Stable | ||||
South St Paul Pub Sch Spl Sch Dist #6 | AA- | Stable | ||||
Southland Indpt Sch Dist #500 | A | Stable | ||||
Springfield Indpt Sch Dist #85 | A+ | Stable | ||||
St Paul Indpt Sch Dist #625 | AA | Stable | ||||
St Peter Indpt Sch Dist #508 | A+ | Stable | ||||
St. James Indpt Sch Dist No.840 | BBB | Stable | ||||
St. Louis Cnty Indpt Sch Dist #2142 | A+ | Stable | ||||
Stephen-Argyle Independent School District #2856 | A+ | Stable | ||||
Stewartville Independent School District #534 | AA- | Stable | ||||
Underwood Indpt Sch Dist #550 | A+ | Stable | ||||
Wabasha-Kellogg Indpt Sch Dist #811 | A | Stable | ||||
Wadena-Deer Creek Indpt Sch Dist #2155 | A | Stable | ||||
Walker-Hackensack-Akeley Indpt Sch Dist #113 | A+ | Stable | ||||
Watertown-Mayer Indpt Sch Dist #111 | A+ | Stable | ||||
Wayzata Indpt Sch Dist #284 | AAA | Stable | ||||
West St. Paul-Mendota Hgts Eagan Indpt Sch Dist #197 | AA- | Stable | ||||
White Bear Lake Indpt Sch Dist #624 | AA- | Negative | ||||
Windom Indpt Sch Dist #177 | A+ | Stable | ||||
Winona Independent School District No 861 | A- | Stable | ||||
Wrenshall Indpt Sch Dist #100 | BBB+ | Positive |
This report does not constitute a rating action.
Primary Credit Analyst: | Helen Samuelson, Chicago + 1 (312) 233 7011; helen.samuelson@spglobal.com |
Secondary Contact: | Blake E Yocom, Chicago + 1 (312) 233 7056; blake.yocom@spglobal.com |
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