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 $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:
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).