S&P Global Ratings assigned its 'AAA' long-term rating to the State of Wisconsin's approximately $100 million transportation revenue refunding bonds, 2025 series 1. At the same time, we affirmed our 'AAA' long-term rating on the state's approximately $1.36 billion of transportation revenue and transportation revenue refunding bonds outstanding. The outlook is stable. The bonds are secured by a first-claim pledge of program income, 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. Wisconsin will use proceeds to refund (including by purchasing tendered bonds pursuant to an invitation to bondholders) certain bonds previously issued to
