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

S&P Global Ratings assigned its 'AAA' long-term rating to Madison Area Technical College (MATC) District, Wis.' series 2017 general obligation (GO) refunding bonds. We also affirmed our 'AAA' rating on the district's GO debt outstanding. The outlook is stable. The district's unlimited-tax GO pledge secures the series 2017 bonds. Officials plan to use bond proceeds to advance refund portions of the district's existing series 2010-11B and 2011-12A GO school improvement bonds for interest cost savings. 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 "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions" criteria, published Nov.

...S&P Global Ratings assigned its '###' long-term rating to Madison Area Technical College (MATC) District, Wis.' series 2017 general obligation (GO) refunding bonds. We also affirmed our '###' rating on the district's GO debt outstanding. The outlook is stable. The district's unlimited-tax GO pledge secures the series 2017 bonds. Officials plan to use bond proceeds to advance refund portions of the district's existing series 2010-11B and 2011-12A GO school improvement bonds for interest cost savings. 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 "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions" 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 revenue is the primary...

Summary