S&P Global Ratings assigned its 'AAA' long-term rating to the State of Wisconsin's approximately $143.6 million transportation revenue bonds, 2023 series A (tax-exempt), approximately $70.5 million transportation revenue refunding bonds, 2023 series 1 (tax-exempt), and approximately $95.6 million transportation revenue refunding bonds, 2024 series 1 (forward delivery). At the same time, we affirmed our 'AAA' long-term rating on the state's approximately $1.57 billion of transportation revenue and transportation revenue refunding bonds outstanding. The outlook is stable. The 2023 series A, 2023 series 1, 2024 series 1, and all existing parity transportation revenue bonds are secured by a first-claim pledge of program income, which consists primarily of vehicle registration fees and other vehicle registration-related fees including, but not limited to, vehicle
