S&P Affirms AAA Credit Ratings for Minnesota and South Dakota

In separate announcements in 2026, officials in Minnesota and South Dakota confirmed that their states' credit ratings were affirmed at AAA, the highest possible rating, by major credit rating agencies. South Dakota Governor Larry Rhoden announced on August 1 that S&P Global Ratings had reaffirmed the state's AAA rating. Minnesota Governor Tim Walz announced on August 27 that Moody's Investors Service, S&P Global Ratings, and Fitch Ratings had all affirmed Minnesota's AAA rating with a stable outlook. The two announcements involved different agencies confirming different states' ratings independently of one another. Minnesota's affirmation came from all three major rating agencies, while South Dakota's announcement specifically named S&P Global Ratings. Governor Rhoden characterized South Dakota's rating as a sign of the state's fiscal health, linking the announcement to his administration's broader economic development initiatives. No specific bond issuances, dollar figures, or underlying financial reports tied to either rating action were detailed in the available reporting. Both announcements represent confirmed, current fiscal standings for the two states as of the respective dates, with no indication of pending reviews or changes to either rating. Details such as the specific rationale each agency provided for the ratings, any accompanying financial data, or comparative analysis between the two states were not included in the available reporting and remain unresolved. It is also unclear whether Moody's or Fitch separately rated South Dakota, or whether additional agencies beyond those named reviewed Minnesota's finances.