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

On May 16, 2024, KBRA assigned a AAA rating, with a Stable Outlook to the State of Wisconsin's (the State's) General Obligation (G.O.) Bonds of 2024, Series B. Proceeds will fund the State’s purchase of $53.8 million of 2019 Series A G.O. Variable Rate Demand Obligations (“the Series 2019A VRDOs”) previously issued for various general governmental purposes. Upon their purchase by State, there will be no obligations outstanding under the VRDO Program Resolution.

In addition, KBRA affirms 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 May 1, 2024, the State had $6.6 billion of general obligations outstanding.

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Click here to view the report.