S&P Global Ratings assigned its 'AA' rating to Wisconsin's series 2016 series 1 petroleum inspection fee (PIF) revenue bonds. At the same time, we affirmed our 'AA' rating on the state's outstanding PIF revenue bonds. The outlook is stable. Additional credit factors of the PIF revenue bond program include our view of: The underlying strength of Wisconsin's diverse economy; Strong historical and projected debt service coverage (DSC) of 2.3 x; Adequate legal provisions, including a 2x additional bonds test and a 2x variable-rate bond take-out capacity test; A short final maturity date in 2019; and Strong state oversight of the Petroleum Environmental Clean-up Fund Award (PECFA) program and the PIF revenue debt program. The potential for dilution of DSC through
