S&P Global Ratings assigned its 'AA' long-term rating to Wisconsin's series 2016B and series 2016C general obligation (GO) bonds. We also affirmed our 'AA' long-term rating and underlying rating (SPUR) on the state's existing GO bonds. The outlook is stable. The 'AA' rating on Wisconsin's GO bonds reflects our view of the state's: Governmental framework supportive of credit quality, with a constitutional balanced-budget requirement and a statutory provision that gives GO debt service the first claim on state revenue; Demonstrated ability to make midyear budget corrections, which were necessary in fiscal 2015 because of a midyear budget gap and low general fund balances; Moderate-to-moderately high debt burden, offset by a fully funded pension system and only an implicit unfunded other
