State of Wisconsin – Transportation Revenue Rating Report
Rating Summary
The long-term, State of Wisconsin (“the State”) Transportation Revenue Bond (“TRB ”) rating continues to reflect consistently strong coverage of TRB maximum annual debt service (“MADS”); the stability of Pledged Revenues, supported by the essentiality of underlying economic activity (vehicle registration and related fees); and strong legal protections. The State Legislature authorizes the issuance of TRBs to finance eligible State transportation facilities and highway projects, and to refund previously issued TRBs for the aforementioned purposes. Approximately $1.2 billion of TRBs were outstanding at April 1, 2026.
Proceeds of the currently offered bonds will be used to finance various State transportation facility and highway projects, current refund and tender certain outstanding bonds for present value savings, and to pay the costs of issuance.
TRBs are secured by a first lien pledge of Program Income, also referred to as Pledged Revenues, along with certain funds under…
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