...S&P Global Ratings assigned its '###' rating to Wisconsin's series 2018A environmental improvement fund (EIF) revenue bonds. The outlook is stable. We also withdrew our '##+' rating on the state's clean water revenue bonds because those bonds have been defeased. The ratings reflect our view of: + An extremely strong enterprise risk profile, given that the state's revolving fund (SRF) pool has ongoing support from multiple levels of government and was established by statute; and + An extremely strong financial risk profile, with a loss coverage score (LCS), operating performance, and financial policies consistent with the rating. Because we view securitizations backed by pools of public-sector assets as highly sensitive to country risk, the rating on the securitization is capped at two notches above the sovereign. However, no specific sovereign default stress is applied, given the U.S. sovereign rating is '##+'. The state will use the bond proceeds to fund the state match to the SRF federal...
