...S&P Global Ratings assigned its '##+' rating to Wisconsin's approximately $219.6 million general obligation (GO) bonds of 2021, series B (tax-exempt). The outlook is stable. The state's full faith, credit, and taxing power, which is irrevocably pledged to make principal and interest payments, secures the 2021 series B bonds. The Wisconsin Constitution requires that the legislature provide for the payment of GO bonds by appropriation. In accordance with state statutes, all GO debt service payments have an irrevocable first charge on all state revenue, and no legislative action is required to release revenues for the payment of GO debt. To further protect bondholders, state statutes prohibit Wisconsin's Secretary of Administration from prorating or reducing debt service payments. Wisconsin will use proceeds from the 2021 series B GO bonds to finance various general government purpose capital improvements, including the acquisition, construction, development, extension, enlargement, or improvement...
