Dakota County, Minn., Downgraded to AA-Plus by S&P

Published March 19, 2015, 2:28 p.m. EDT

1 Min Read

Standard & Poor's Ratings Services lowered its long-term rating to AA-plus from AAA on Dakota County, Minn.'s general obligation debt and on the Dakota County Community Development Agency's debt, supported by the county's GO pledge.

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At the same time, it removed the rating from CreditWatch with negative implications. The outlook is stable.

"The lowered rating is based on our view that the county's late debt service interest payment in February 2015 indicates a credit weakness," said Standard & Poor's credit analyst Caroline West. "We do not believe the late payment indicates a lack of willingness to pay debt or a lack of relevant skills on management's part."

Dakota County is located in the southeastern portion of the broad and diverse seven-county Twin Cities MSA with a population of 405,960.

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