Standard&Poor's Ratings Services assigned its 'AA-' rating to Wisconsin's $251.3 million general fund annual appropriation refunding bonds 2012 series A. In addition, we affirmed our 'AA' rating on the state's approximately $7.77 billion in existing GO debt. We also affirmed our 'AA-' rating on the state's $3.30 billion in existing appropriation bonds and master lease certificates of participation, as well as our 'A' rating on the state's moral obligation-backed debt. Finally, we affirmed our 'A-1+' rating on the state's extended municipal commercial paper (EMCP) program, authorized for up to $950 million. The outlook, where applicable, is stable. The ratings on Wisconsin's various outstanding debt reflects our view of the state's: Strong government framework with a constitutional balanced-budget requirement
