Minnesota's growing economy and better budget numbers got a vote of confidence Tuesday from one of the nation's major bond rating agencies.
Moody's Investors Service boosted its financial outlook for Minnesota from "negative" to "stable," an upgrade that came nearly two years to the day the agency dropped the state's outlook following the Minnesota government shutdown.
At the time, Moody's cited the size of the state's reserves and the short-term fixes used to reach a budget deal to explain its dimmer view.
On Tuesday, Moody's highlighted the state's "strong financial management that has resulted in improved revenue performance" as reasons for the improved outlook.
Moody's kept its rating of Minnesota's general obligation bonds unchanged at Aa1, a notch below the top score of AAA. Fitch Rating Agency and Standard and Poor's currently rate Minnesota bonds at AA+, and are expected to release their ratings soon.