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

On September 6, 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 C. Proceeds will fund various general governmental purposes for which public debt may be issued. Nearly two-thirds of 2024, Series C proceeds are expected to fund academic and self-amortizing facilities of the University of Wisconsin System and State Building Commission projects.

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 September 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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