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.' $3.5 million series 2020-2021C general obligation (GO) promissory notes. The outlook is stable. The district's unlimited-tax GO pledge secures the series 2020-2021C promissory notes and outstanding bonds. Officials indicate they will use note proceeds for remodeling, the acquisition of movable equipment, and certain issuance costs. Officials will use the GO refunding bonds to realize present value savings. The district's debt is eligible to be rated above the sovereign because we believe MATC can maintain better credit characteristics than the nation can in a stress scenario. Under our criteria "Ratings Above The Sovereign: Corporate And Government Ratings—Methodology And Assumptions" (published Nov. 19, 2013), we consider

...S&P Global Ratings assigned its '###' long-term rating to Madison Area Technical College (MATC) District, Wis.' $3.5 million series 2020-2021C general obligation (GO) promissory notes. The outlook is stable. The district's unlimited-tax GO pledge secures the series 2020-2021C promissory notes and outstanding bonds. Officials indicate they will use note proceeds for remodeling, the acquisition of movable equipment, and certain issuance costs. Officials will use the GO refunding bonds to realize present value savings. The district's debt is eligible to be rated above the sovereign because we believe MATC can maintain better credit characteristics than the nation can in a stress scenario. Under our criteria "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions" (published Nov. 19, 2013), we consider U.S. local governments to have moderate sensitivity to national risk....

Summary