Standard&Poor's Ratings Services assigned its 'AA-' long-term rating to Wisconsin's $38.2 million master lease certificates of participation (COPs) series 2014B. We also affirmed our 'AA-' long-term rating and underlying rating (SPUR) on the state's appropriation bonds. In addition, we affirmed our 'AA' rating and SPUR on the state's existing general obligation (GO) bonds. The outlook is stable. The rating reflects annual appropriation risk as well as our view of: The state's strong credit quality (AA/Stable GO rating), Cross-collateralized security within the master lease structure, and The state's centralized administration and control over the leased-asset approval process and lease-rental appropriation process. The 'AA' rating on Wisconsin's GO bonds reflects our view of the state's: Governmental framework supportive of credit
