Wisconsin 2015A Environmental Improvement Fund Revenue Bonds Assigned 'AAA' Rating

CHICAGO (Standard&Poor's) Oct. 28, 2015--Standard&Poor's Ratings Services assigned its 'AAA' rating to Wisconsin's series 2015A environmental improvement fund revenue bonds. The outlook is stable. "The ratings reflect our view of extremely strong enterprise and financial risk profiles," said Standard&Poor's credit analyst Scott Garrigan. The extremely strong enterprise risk profile reflects that the state's revolving fund (SRF) pool has ongoing support from multiple levels of government and was established by statute, while the extremely strong financial risk profile reflects a loss coverage score, 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

...CHICAGO (Standard & Poor's) Oct. 28, 2015--Standard & Poor's Ratings Services assigned its '###' rating to Wisconsin's series 2015A environmental improvement fund revenue bonds. The outlook is stable. "The ratings reflect our view of extremely strong enterprise and financial risk profiles," said Standard & Poor's credit analyst Scott Garrigan. The extremely strong enterprise risk profile reflects that the state's revolving fund (SRF) pool has ongoing support from multiple levels of government and was established by statute, while the extremely strong financial risk profile reflects a loss coverage score, 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...

Ratings Action