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U.S. Local Governments Credit Brief: Minnesota Cities, Counties, And Schools

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U.S. State Ratings And Outlooks: Current List

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History Of U.S. State Ratings

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U.S. Public Finance Rating Activity, October 2021

COMMENTS

U.S. Not-For-Profit Health Care Rating Actions, October 2021


U.S. Local Governments Credit Brief: Minnesota Cities, Counties, And Schools

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.

What We're Watching In 2021 And Beyond

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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)

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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

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Chart 2

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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

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Chart 4

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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

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Chart 6

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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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