The Bank of North Dakota has an excellent credit rating, according to a press release on the bank’s website regarding last month's rating by Standard & Poor.

According to Standard & Poor’s (S&P) affirmed credit ratings, the Bank of North Dakota’s long-term and short-term credit is at “A+” and “A-1” on Nov. 7.

“This is good news for North Dakotans,” Gov. Doug Burgum said in the press release. “The S&P report recognizes effective government spending controls and the strong link between the bank and the state as factors contributing to the bank’s strong business position.”

The State of North Dakota continues its support for the bank and maintains a good relationship, according to the press release.

“The bank has had record earnings every year for the past 13 years,” Attorney General Wayne Stenehjem said in the press release.

Eric Hardmeyer is president of the only state-owned bank in the United States.

“We continue to focus on the mission established nearly 100 years ago to promote agriculture, commerce and industry in North Dakota and to ensure we are doing everything we can to make North Dakota better,” Hardmeyer said in the press release.