Research Update: Wisconsin's $100 Million Environmental Improvement Fund Revenue Bonds, 2025 Series A, Rated 'AAA'; Outlook Stable

S&P Global Ratings assigned its 'AAA' long-term rating to the State of Wisconsin 's approximately $100 million environmental improvement fund (EIF) revenue bonds, 2025 series A (green bonds). At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating on Wisconsin's EIF revenue bonds outstanding. The outlook is stable. Program bonds are secured by the trust estate, which consists primarily of cash flows provided by pledged loans, payments received by the state related to borrower defaults, other indenture funds, and interest earnings. Following the issuance of the 2025 series A bonds, the two programs will have approximately $2.4 billion of loans outstanding, to support approximately $496 million in bonds. The bonds are secured by pledged loan repayments, revenue eligible

...Program description: The state provides subsidized loans to local government entities throughout its EIF program. Loans to participating borrowers are funded from a combination of bond proceeds and federal and state grants. The EIF and the SRF programs are managed by the state's Department of Natural Resources and Department of Administration. The SRFs were created under state statutes to carry out provisions of the federal Clean Water and Safe Drinking Water Acts....

Research Update