...S&P Global Ratings assigned its '##+' long-term rating and underlying rating to the state of Wisconsin's transportation revenue bonds 2020 series 1 (taxable). At the same time, we affirmed our '##+' long-term and underlying ratings on the state's outstanding transportation revenue bonds. The outlook on all ratings is stable. 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 state will use the 2020 series 1 bonds to advance refund outstanding transportation revenue bonds for interest cost savings. The affirmation reflects our application of our "Priority-Lien Tax Revenue Debt" 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...
