...S&P Global Ratings assigned its '##' long-term rating and stable outlook to the State of Wisconsin's series 2018B general obligation bonds. The GO bonds are backed by the state's full faith, credit, and taxing power, which are irrevocably pledged to make principal and interest payments on the bonds. The constitution requires that the legislature provide for bond payment by appropriation. Debt payments have first priority and cannot be prorated or reduced by Wisconsin's secretary of administration, pursuant to state statute. To further protect bondholders, state statute gives GO debt service a first charge on all state revenue. The bonds will be used for various capital projects including but not limited to highway improvements, University of Wisconsin construction, and updates to public buildings. The '##' 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...
