NEW YORK--(BUSINESS WIRE)--

Fitch Ratings assigns an 'AAA' rating to the following State of Minnesota retirement system building revenue bonds:

--$20,660,000 series 2012 retirement system building revenue refunding bonds.

The bonds are scheduled to be sold through competitive bid on July 31, 2012.

In addition, Fitch affirms the 'AAA' rating on the $22.9 million outstanding building revenue bonds, series 2000 that will be fully refunded with this transaction.

The Rating Outlook is Stable.

SECURITY

The bonds are special obligations of Minnesota, issued by the state through the Commissioner of Minnesota Management and Budget (MMB), payable from separate semiannual payments made from each of the retirement systems under a joint agreement under which each system further grants the commissioner a security interest in its respective system's available assets in the event of non-payment.

KEY RATING DRIVERS

--OVERWHELMING COVERAGE OF DEBT SERVICE: The 'AAA' rating reflects the enormous coverage on the small amount of debt that is provided from pension contributions as well as the magnitude of the available system assets that could be tapped if needed.

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Fitch Rates $21MM Minnesota Retirement Sys Bldg Revs 'AAA'; Outlook Stable