S&P Global Ratings assigned its 'AA+' long-term rating to Wisconsin's $253.905 million general obligation (GO) bonds, 2025 series A. 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 revenue for the payment of GO debt. To further protect bondholders, state statutes prohibit Wisconsin's secretary of administration from prorating or reducing debt service payments. The state has structured this series with serial
