...S&P Global Ratings assigned its '##+' long-term rating and underlying rating to the state of Wisconsin's $156.55 million series 2019A transportation revenue bonds. At the same time, we affirmed our '##+' long-term and underlying ratings on the state's outstanding transportation revenue bonds. The outlook on all ratings is stable. We also affirmed our 'A-1+' short-term rating on the state's outstanding subordinate transportation revenue commercial paper (CP) notes, which the state expects to permanently finance with a portion of the series 2019A transportation revenue bonds by April 15, 2019. The short-term rating on the CP notes reflects the credit quality of the revenue pledged to the notes. The bonds are secured by a first claim on vehicle registration fees and other vehicle registration-related fees including, but not limited to, vehicle title transaction fees, registration and title counter service fees, and personalized license plate issuance and renewal fees. We understand that series...
