S&P Global Ratings assigned its 'AAA' long-term rating to the State of Wisconsin's approximately $124.4 million transportation revenue refunding bonds, 2024 series 2 (tax-exempt). At the same time, we affirmed our 'AAA' long-term rating on the state's approximately $1.54 billion of transportation revenue and transportation revenue refunding bonds outstanding. The outlook is stable. The 2024 series 2 refunding bonds and all existing parity transportation revenue bonds are secured by a first-claim pledge of program income deposited into the state's transportation fund, which consists primarily of vehicle registration fees and other vehicle registration-related fees including, but not limited to, vehicle title transaction fees, registration and title counter service fees, and personalized license plate issuance and renewal fees. Proceeds from the 2024
