...S&P Global Ratings has affirmed its '##+' long-term and underlying ratings on the state of Wisconsin's transportation revenue bonds. The outlook is stable. We also affirmed our 'A-1+' short-term rating on the state's subordinate transportation revenue commercial paper (CP) notes. The short-term rating on the CP notes reflects the credit quality of the revenue pledged to the notes. The bonds are secured by a first claim on vehicle registration fees and other vehicle registration-related fees including, but not limited to, vehicle title transaction fees, registration and title counter service fees, and personalized license plate issuance and renewal fees. The affirmation reflects our application of our "Priority Lien" criteria (published Oct. 22, 2018, on RatingsDirect), which factors in both the strength and stability of the pledged revenues, as well as the general credit quality of the state where taxes are distributed and/or collected (the obligor's creditworthiness [OC]). The priority-lien...
