Standard&Poor's Ratings Services assigned its 'AA' long-term rating to Wisconsin's $296.99 million general obligation (GO) refunding bonds of 2014, series 4. We also affirmed our 'AA' long-term rating and underlying rating (SPUR) on the state's existing GO bonds. In addition, we affirmed our 'AA-' rating and SPUR on the state's appropriation-backed bonds. Finally, we also affirmed our 'A' rating on bonds backed by the state's moral-obligation pledge. The outlook is stable. 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 state revenue; Demonstrated ability to make midyear budget corrections, which
