Summary: Madison Area Technical College District, Wisconsin; General Obligation

Standard&Poor's Ratings Services assigned its 'AAA' long-term rating to Madison Area Technical College District (MATC District), Wis.' series 2015-2016E general obligation (GO) promissory notes. We also affirmed our 'AAA' long-term rating on the district's existing GO debt. The outlook is stable. The MATC District's bonds are eligible to be rated above the sovereign because we believe the college district can maintain better credit characteristics than the U.S. in a stress scenario. Under our criteria published Nov. 19, 2013, on RatingsDirect, U.S. state and local governments are considered to have moderate sensitivity to country risk. The district's local property tax revenues are the primary source of security on the bonds, which significantly limits the possibility of negative sovereign intervention

...Standard & Poor's Ratings Services assigned its '###' long-term rating to Madison Area Technical College District (MATC District), Wis.' series 2015-2016E general obligation (GO) promissory notes. We also affirmed our '###' long-term rating on the district's existing GO debt. The outlook is stable. The MATC District's bonds are eligible to be rated above the sovereign because we believe the college district can maintain better credit characteristics than the U.S. in a stress scenario. Under our criteria published Nov. 19, 2013, on RatingsDirect, U.S. state and local governments are considered to have moderate sensitivity to country risk. The district's local property tax revenues are the primary source of security on the bonds, which significantly limits the possibility of negative sovereign intervention in the payment of the debt or in the operations of the district. The institutional framework in the U.S. is predictable for local community college districts, allowing them significant...

Summary