Press Release|Public Finance
KBRA Assigns AAA Rating to State of Wisconsin General Obligation Bonds of 2026, Series A
16 Jan 2026 | New York
KBRA assigns a long-term rating of AAA with a Stable Outlook to the State of Wisconsin General Obligation Bonds of 2026, Series A.
Proceeds will be deposited in the State's Capital Improvement Fund and used to finance a range of authorized purposes and to pay the costs of issuance.
Key Credit Considerations
The rating action reflects the following key credit considerations:
Credit Positives
- Strength and breadth of the G.O. pledge, coupled with liquidity and market access to support short-term debt.
- Trend of conservative budgets, strong financial results and improved reserve levels.
- Strong liquidity position based on all sources of available cash for operations.
Credit Challenges
- Drawdown of unusually large fund balance in 2025-27 biennium to a more historically normal level leaves outyear gaps to be addressed in next biennium.
- Federal policy changes for Medicaid cost-sharing and SNAP administration costs will increase program costs for the State. The full extent of these additional costs is not yet known.
Rating Sensitivities
For Upgrade
- Not applicable.
For Downgrade
- Material financial weakening, driven by budgetary imbalance over an extended period.
- While unlikely, limited and/or expensive market access that impedes the State’s ability to manage maturing CP and EMCP Notes.
To access ratings and relevant documents, click here.