Summary: Mount Pleasant Village, Wisconsin Wisconsin; Moral Obligation

S&P Global Ratings assigned its 'A+' rating and stable outlook to the Village of Mount Pleasant, Wisc.'s series 2018A tax increment revenue bonds, issued for the Foxconn project, based on the pledge of the State of Wisconsin's moral obligation. Pursuant to our criteria, "Issue Credit Ratings Linked To U.S. Public Finance Obligors? Creditworthiness" (published Jan. 22, 2018, on RatingsDirect), the rating on the bonds is two notches off of our view of the state's general creditworthiness (as reflected in our 'AA' general obligation [GO] rating on Wisconsin) to reflect the moral obligation of the state to appropriate funds toward debt service in the event there is a deficiency. We assess obligor involvement as moderate because the project is of considerable

...S&P Global Ratings assigned its 'A+' rating and stable outlook to the Village of Mount Pleasant, Wisc.'s series 2018A tax increment revenue bonds, issued for the Foxconn project, based on the pledge of the State of Wisconsin's moral obligation. Pursuant to our criteria, "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" (published Jan. 22, 2018, on RatingsDirect), the rating on the bonds is two notches off of our view of the state's general creditworthiness (as reflected in our '##' general obligation [GO] rating on Wisconsin) to reflect the moral obligation of the state to appropriate funds toward debt service in the event there is a deficiency. We assess obligor involvement as moderate because the project is of considerable economic importance to Wisconsin, generating as many as 13,000 jobs across various metropolitan centers. We assess the intended payment source as moderate based on what we view as relatively reliable revenues to pay debt service (backed...

Summary