S&P Global Ratings assigned its 'AA-' long-term rating to Wisconsin's $35.105 million master lease certificates of participation (COPs) series 2016A. In addition, we have affirmed our 'AA-' rating on the state's outstanding appropriation-backed debt. We also affirmed our 'AA' long-term rating and underlying rating (SPUR) on the state's existing GO bonds, as well as our 'A' rating on bonds backed by the state's moral-obligation pledge and debt issued by the Wisconsin Center District secured by state appropriations. Finally, we affirmed our 'A-1+' rating on the state's GO commercial paper (CP) and extended municipal CP programs. The outlook, where applicable, is stable. The rating on the series 2016A COPs reflects annual appropriation risk, as well as our view of: The state's
