KBRA Releases Report Assigning AAA Rating, Stable Outlook to State of Wisconsin G.O. Bonds

On July 19, 2024, KBRA assigned a AAA rating, with a Stable Outlook to the State of Wisconsin's (the State's) General Obligation (G.O.) Refunding Bonds of 2024, Series 2 and G.O. Refunding Bonds of 2025, Series 2 (Forward Delivery). Proceeds will current refund certain outstanding G.O. Bonds, including through the purchase of tendered bonds, and fund G.O. floating rate notes previously issued by the State for general governmental purposes.

In addition, KBRA affirmed the long-term AAA rating, with a Stable Outlook on outstanding G.O. Bonds and G.O. Flexible Rate Notes (FRNs); the short-term K1+ rating on the G.O. Commercial Paper (CP) Program and G.O. Extendible Municipal Commercial Paper (EMCP) Program; and the long-term AA+ rating with a Stable Outlook on outstanding Master Lease Certificates of Participation (COPs). The COPs long-term rating is derived from the State's long-term G.O. rating and an evaluation of factors discussed in KBRA's U.S. State Annual Appropriation Rating Methodology.

As of July 1, 2024, the State had $6.6 billion of general obligations outstanding, including fixed rate G.O. Bonds, variable rate G.O. FRNs and EMCP Notes, and Variable Rate Demand Obligation (VRDO) Notes. General obligations, including G.O. Bonds, are a direct and general obligation of the State, secured by its full faith, credit and taxing power.

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