S&P Global Ratings assigned its 'AAA' long-term rating to Madison Area Technical College (MATC) District, Wis.' $7 million series 2022-2023H general obligation (GO) promissory notes. The outlook is stable. MATC's unlimited-tax GO pledge secures the series 2022-2023H promissory notes. Officials indicate they will use the note proceeds to pay the costs of building remodeling and improvement projects, for the acquisition of movable equipment, 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 And Assumptions," (published Nov. 19, 2013, we consider U.S. local governments to have moderate
