NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) has assigned a long-term rating of AAA with a stable outlook to the State of Wisconsin’s $286 million Transportation Revenue Bonds, 2017 Series 1 and affirms the rating of AAA with a stable outlook on the State’s outstanding first lien transportation revenue bonds (TRB or “the Bonds”). After issuance of the 2017 Series 1 Bonds, the State will have a total of approximately $2.1 billion in Transportation Revenue Bonds outstanding.
The long-term rating on the state’s Transportation Revenue Bonds is based on KBRA U.S. Special Tax Revenue Bonds Rating Methodology. KBRA’s evaluation of the long-term credit quality of the Wisconsin Transportation Revenue Bonds focuses on five key rating determinants:
• Legal Framework
• Nature of Pledged Revenue Tax Base
• Economic Base and Demographics
• Revenue Analysis
• Coverage and Bond Structure
The TRBs are issued as revenue obligations of the State of Wisconsin Transportation Facilities and Highway Projects Revenue Obligations Programs. The TRBs are secured by a first lien pledge of Program Income which is defined as motor vehicle registration fees collected Statewide and certain other vehicle registration-related fees, such as personalized license plates charges, title transaction fees, and counter service fees. The Bonds will not be secured by a debt service reserve fund.
To view the report, please click here.
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).