S&P Global Ratings assigned its 'AA+' long-term rating to Wisconsin's approximately $295 million general obligation (GO) refunding bonds, 2024 series 2, and approximately $255 million GO refunding bonds, 2025 series 2 (forward delivery). The outlook is stable. The state's full faith, credit, and taxing power, which are 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 prohibit Wisconsin's Secretary of Administration from
