S&P Global Ratings assigned its 'AA+' long-term rating to the State of Wisconsin 's $480.26 million series 2026A general obligation (GO) bonds. At the same time, we affirmed our 'AA+' long-term rating on the state's GO debt, our 'AA' rating on its appropriation-secured debt, and our 'AA-' rating on its moral obligation debt outstanding. We also affirmed our 'A+' rating on Wisconsin Center District 's appropriation bonds (Milwaukee Arena project). The outlook on all ratings is stable. The state's full faith, credit, and taxing power, which is irrevocably pledged to make principal and interest payments, secures the bonds. The Wisconsin Constitution requires that the legislature provide for the payment of GO bonds by appropriation. In accordance with state statutes, all
