Summary: Wisconsin Wisconsin Center District; Moral Obligation

S&P Global Ratings assigned its 'A+' long-term rating to the Wisconsin Center District's approximately $300 million federally taxable junior dedicated tax revenue bonds, series 2020D, based on the State of Wisconsin's moral obligation pledge. At the same time, we affirmed our rating on Wisconsin's parity moral obligation debt. The long-term rating on the series 2020D bonds is based on the application of our "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" criteria (published Nov. 20, 2019, on Ratings Direct) and our "Priority-Lien Tax Revenue Debt" criteria (published Oct. 22, 2018), in conjunction with our "Methodology: Rating Approach to Obligations With Multiple Revenue Streams" criteria (published Nov. 29, 2011). Based on our view of the bond provisions and structure,

...S&P Global Ratings assigned its 'A+' long-term rating to the Wisconsin Center District's approximately $300 million federally taxable junior dedicated tax revenue bonds, series 2020D, based on the State of Wisconsin's moral obligation pledge. At the same time, we affirmed our rating on Wisconsin's parity moral obligation debt. The long-term rating on the series 2020D bonds is based on the application of our "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" criteria (published Nov. 20, 2019, on Ratings Direct) and our "Priority-Lien Tax Revenue Debt" criteria (published Oct. 22, 2018), in conjunction with our "Methodology: Rating Approach to Obligations With Multiple Revenue Streams" criteria (published Nov. 29, 2011). Based on our view of the bond provisions and structure, we view the state's moral obligation pledge as stronger than the intended pledged revenue used to pay debt service on the series 2020D bonds. The series 2020D bonds are secured by and payable...

Summary