S&P Global Ratings assigned its 'AA+' long-term rating to Wisconsin's approximately $450 million general obligation (GO) refunding bonds, 2025 series 3. At the same time, we affirmed our 'AA+' long-term rating on the state's GO debt outstanding, our 'AA' rating on its appropriation-secured debt, and our 'AA-' rating on its moral obligation debt. We also affirmed our 'A+' rating on Wisconsin Center District's appropriation bonds (Milwaukee Arena project). The outlook, where applicable, is stable. The state's full faith, credit, and taxing power, which are irrevocably pledged to make principal and interest payments, secures the bonds. The Wisconsin Constitution requires that the legislature provide for the payment of GO bonds by appropriation. In accordance with state statutes, all GO debt service
