Summary: Wisconsin; Appropriations; CP; General Obligation; Moral Obligation

S&P Global Ratings assigned its 'AA-' long-term rating to the State of Wisconsin's series 2018A certificates of participation (COPs). At the same time, S&P Global Ratings affirmed its 'AA' long-term ratings and underlying ratings (SPURs) on the state's existing general obligation (GO) bonds, its 'AA-' ratings on Wisconsin's appropriation-backed debt outstanding, and its 'A+' ratings on bonds backed by the state's moral-obligation pledge, as well as its 'A' rating on a local authority's stadium bonds outstanding. Finally, S&P Global Ratings affirmed its 'A-1+' short-term rating on the state's GO commercial paper (CP) and extended municipal CP programs. The outlook on all long-term ratings is stable. The rating on the series 2018A COPs reflects annual appropriation risk, as well as our

...S&P Global Ratings assigned its '##-' long-term rating to the State of Wisconsin's series 2018A certificates of participation (COPs). At the same time, S&P Global Ratings affirmed its '##' long-term ratings and underlying ratings (SPURs) on the state's existing general obligation (GO) bonds, its '##-' ratings on Wisconsin's appropriation-backed debt outstanding, and its 'A+' ratings on bonds backed by the state's moral-obligation pledge, as well as its 'A' rating on a local authority's stadium bonds outstanding. Finally, S&P Global Ratings affirmed its 'A-1+' short-term rating on the state's GO commercial paper (CP) and extended municipal CP programs. The outlook on all long-term ratings is stable. The rating on the series 2018A COPs reflects annual appropriation risk, as well as our view of: + The state's strong credit quality; + Cross-collateralized security within the master lease structure; and + The state's centralized administration and control over the leased-asset approval process...

Summary