S&P Global Ratings assigned its 'AA+' long-term rating to the State of Wisconsin's approximately $112 million general obligation (GO) refunding bonds of 2022, series 4 (tax-exempt) and approximately $84.3 million GO refunding bonds of 2022, series 5 (federally taxable). The outlook is stable. The state's full faith, credit, and taxing power, which is irrevocably pledged to make principal and interest payments, secures the bonds. The Wisconsin Constitution requires that the legislature provide for the payment of GO bonds by appropriation. In accordance with state statutes, all GO debt service payments have an irrevocable first charge on all state revenue, and no legislative action is required to release revenues for the payment of GO debt. To further protect bondholders, state statutes
