Standard&Poor's Ratings Services assigned its 'AA-' long-term rating to Wisconsin's $41 million master lease certificates of participation (COPs) series 2015A. In addition, we have affirmed our 'AA-' rating on the state's outstanding appropriation-backed debt. The outlook is stable. The rating reflects annual appropriation risk, as well as our view of: The state's strong credit quality (AA/Stable GO rating), Cross-collateralized security within the master lease structure, and The state's centralized administration and control over the leased-asset approval process and lease-rental appropriation process. The 'AA' rating on Wisconsin's GO bonds reflects our view of the state's: Governmental framework supportive of credit quality with a constitutional balanced-budget requirement and a statutory provision that gives GO debt service the first claim on
