Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to Wisconsin's $132.1 million 2014 series 2 transportation revenue refunding bonds. At the same time, Standard&Poor's affirmed its 'AA+' long-term rating and underlying rating (SPUR) on the state's approximately $1.9 billion of parity debt. We also affirmed the 'A-1+' short-term rating on the state's roughly $144 million of 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 state has arranged for backup liquidity support on the CP notes from the California State Teachers' Retirement System and State Street Bank. The outlook, where applicable, is stable. The ratings reflect our view of
