S&P Global Ratings assigned its 'AAA' long-term rating to Wisconsin 's estimated $87.795 million transportation revenue bonds (TRBs) of 2026, series A and estimated $37.275 million transportation revenue refunding bonds of 2026, series 1. At the same time, we affirmed our 'AAA' long-term rating on the state's approximately $1.22 billion of TRBs and transportation revenue refunding bonds outstanding. The outlook is stable. The bonds are secured by a first-claim pledge of program income, which consists primarily of vehicle registration fees and other vehicle registration-related fees including, but not limited to, vehicle title transaction fees, registration and title counter service fees, and personalized license plate issuance and renewal fees. Wisconsin will use bond proceeds to finance certain state transportation facilities and
