S&P Global Ratings assigned its 'AAA' long-term rating to Madison Area Technical College (MATC) District, Wis.' $3.5 million series 2022-2023E general obligation (GO) promissory notes. At the same time, we affirmed our 'AAA' rating on the college's existing debt. The outlook is stable. MATC's unlimited-tax GO pledge secures the series 2022-2023E promissory notes. Officials indicate they will use the note proceeds to pay the costs of building remodeling and improvement, for the acquisition of movable equipment, site work, and for certain issuance costs. The district's debt is eligible to be rated above the sovereign because we believe MATC can maintain better credit characteristics than the nation in a stress scenario. Under our criteria, "Ratings Above The Sovereign--Corporate And Government Ratings: Methodology
