For the second year in a row, all three bond rating agencies have assigned the highest credit rating possible to the City of Minneapolis. The AAA rating by S&P Global, Fitch Ratings and Moody’s is yet another sign that the state of the City’s finances, credit standing and revenue recovery is on solid footing.
Mayor Jacob Frey highlighted the AAA ratings during his 2026 budget address, during which he outlined a disciplined, long-term vision for the City brought to life through durable investments in vital programs and infrastructure – all supported by a sturdy fiscal foundation and growth outlook exemplified in these bond ratings.
“AAA ratings from all three major credit agencies send a crystal-clear message: Minneapolis is strong, stable and well-managed,” said Mayor Jacob Frey. “These ratings don’t just happen — they’re earned through years of thoughtful stewardship, smart budgeting and a commitment to delivering core services for our residents. That kind of fiscal strength means we can invest in our city’s future while keeping costs low for taxpayers.”
The AAA ratings affirm Minneapolis’ position at the center of a strong and diverse regional economy, low long-term liability and a sound financial profile. In fact, only a handful of cities and towns across the country maintain the top ratings for several years in a row. The City plans to take bids for the $141 million bond issue on August 20.
The City has “very stable operations supported by strong financial management practices that include multiyear budgeting and long-term capital planning,” pulled from Moody’s report. Fitch reports a “high level of budgetary flexibility” and healthy general fund reserves.
“These ratings validate our budget resilience and robust financial standing,” said City CFO Dushani Dye. “Year after year, we remain confident in our reserves and plans to manage the City’s finances.”
Find out more about the City's Credit Ratings.