Minnesota Earns Fifth Consecutive AAA Rating, Governor Bans Boundary Waters Mining

Governor Walz announced that Minnesota has achieved its fifth consecutive AAA credit rating from all three major agencies, Moody’s, S&P Global, and FitchRatings, highlighting the state's robust fiscal management. This announcement coincides with the Governor's executive action to ban nonferrous mineral mining in the Rainy River Headwaters Watershed, safeguarding the Boundary Waters Canoe Area Wilderness (BWCAW).

The AAA rating, the highest possible mark, underscores strong confidence in Minnesota’s economic outlook and responsible budgeting. Governor Walz said, “Even while federal actions create national economic uncertainty, Minnesota’s economic stability and sound fiscal management maintain the confidence of America’s top rating agencies.” He added that balancing the state budget, reducing structural imbalance, and maintaining ample reserves are hallmarks of their governance. Minnesota is one of only 14 states nationwide to hold this prestigious rating, which helps keep state borrowing costs low.

Last week, Governor Walz signed Executive Order 26-10, directing the Minnesota Department of Natural Resources (DNR) and the Minnesota Pollution Control Agency (MPCA) to halt all permitting and environmental review for nonferrous mineral mining projects in the Rainy River Headwaters Watershed. This action aims to protect the BWCAW from potential threats posed by copper and nickel mining, which could impact the region's pristine waters, wildlife, and nearly $1 billion outdoor recreation economy. Governor Walz emphasized, “The Boundary Waters is a national treasure and home to some of Minnesota’s most pristine waters and wilderness.” He affirmed his commitment to protecting the area for future generations.