KBRA Assigns Long-Term Rating of AAA to the State of Wisconsin’s $207.5 million Transportation Revenue Refunding Bonds of 2015, Series 1

NEW YORK--()--Kroll Bond Rating Agency (KBRA) has assigned a long-term rating of AAA with a stable outlook to the State of Wisconsin’s $207.525 million Transportation Revenue Refunding Bonds, 2015 Series 1 and affirms the rating of AAA with a stable outlook on the State’s outstanding first lien Transportation Revenue Bonds. After issuance of the 2015 Series 1 Bonds, the State will have a total of approximately $1.9 billion in Transportation Revenue Bonds outstanding.

The 2015 Series 1 Bonds are issued as revenue obligations of the State and secured by a first lien pledge of motor vehicle registration fees collected statewide and certain other vehicle registration-related fees. Wisconsin’s recovery from the national recession continues to be moderately strong, as evidenced by ongoing increases in employment and declining unemployment rates. KBRA views the current coverage on Maximum Annual Debt Service on first lien Bonds from pledged revenues to be very strong at 3.19x. The protection provided by the first lien additional bonds test is also strong at 2.25x and excess pledged revenues are an important source of transportation program funding for the State.

This rating is based on KBRA’s U.S. Special Tax Rating Methodology, published on August 21, 2012.

Please use the following link to view KBRA’s full report on the State:

https://www.krollbondratings.com/show_report/2086

About Kroll Bond Rating Agency

KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

Contacts

Kroll Bond Rating Agency
Analytical:
Kate Hackett, 646-731-2304
Managing Director
khackett@kbra.com
or
Alice Cheng, 646-731-2403
Senior Analyst
acheng@kbra.com
or
Matthew Wong, 646-731-2469
Associate Director
mwong@kbra.com

Contacts

Kroll Bond Rating Agency
Analytical:
Kate Hackett, 646-731-2304
Managing Director
khackett@kbra.com
or
Alice Cheng, 646-731-2403
Senior Analyst
acheng@kbra.com
or
Matthew Wong, 646-731-2469
Associate Director
mwong@kbra.com