S&P Global Ratings assigned its 'AAA' rating to Madison Area Technical College (MATC) District, Wis.' approximately $10 million series 2023-2024D general obligation (GO) promissory notes. The outlook is stable. MATC's unlimited-tax GO pledge secures the series 2023-2024D promissory notes. Officials indicate they will use note proceeds to pay the costs of building remodeling and improvement projects and finance the acquisition of movable equipment and certain issuance costs. The rating reflects our view of MATC's very strong enterprise risk profile and strong financial risk profile. The enterprise risk profile reflects MATC's enrollment profile that, although pressured during the pandemic, has begun to stabilize (serving a population of more than 7,000 full-time-equivalent students) due to its primary function as a technical college.
