KBRA Assigns Long-Term Rating of AA+ with Stable Outlook to the State of Wisconsin General Obligation Bonds of 2018, Series A

NEW YORK--()--Kroll Bond Rating Agency (KBRA) has assigned a long-term rating of AA+ with a Stable Outlook to the State of Wisconsin General Obligation Bonds of 2018, Series A. Concurrently, KBRA has affirmed the long-term rating of AA+ with a Stable Outlook on the State of Wisconsin’s outstanding general obligation bonds and the long-term rating of AA with a Stable Outlook on the Wisconsin Master Lease Certificates of Participation (COPs), excluding bonds backed by a letter of credit or liquidity facility, unless otherwise noted.

KBRA has also affirmed the short-term rating of K1+ on the State’s general obligation commercial paper (CP) program and general obligation extendible municipal commercial paper (EMCP) program.

 
Ratings

Issuer: State of Wisconsin

Series/Bond       Rating     Outlook   Action
General Obligation Bonds of 2018, Series A       AA+     Stable   Assigned
General Obligation Bonds (GO)       AA+     Stable   Affirmed
Master Lease Certificates of Participation (COPs)       AA     Stable   Affirmed
GO Commercial Paper (CP) Program       K1+         Affirmed
GO Extendible Municipal Commercial Paper (EMCP) Program       K1+         Affirmed
KBRA’s long-term ratings do not apply to bonds backed by a letter of credit or liquidity facility, unless otherwise noted.
 

The long-term rating on the State’s general obligation bonds is based on KBRA’s U.S. State General Obligation Rating Methodology.

The short-term ratings on the State’s CP and EMCP programs are derived from the State’s long-term general obligation rating and also reflects the State’s strong liquidity, history of market access, and prior authorization to retire all CP and EMCP Notes with long term bonds. For mapping of the long-term rating to the short-term rating, please refer to the short-term KBRA Rating Scale.

The Master Lease COPs rating is based on the State’s long-term general obligation rating and evaluation of the factors discussed in KBRA’s U.S. State Annual Appropriation Obligation Rating Methodology.

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About KBRA and KBRA Europe

KBRA is a full credit rating agency 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). KBRA Europe is certified and registered with the European Securities and Markets Authority (ESMA).

Contacts

Kroll Bond Rating Agency
Analytical:
William Cox, 646-731-2472
Managing Director
wcox@kbra.com
or
Patricia McGuigan, 646-731-3350
Director
pmcguigan@kbra.com
or
Alice Cheng, 646-731-2403
Associate Director
acheng@kbra.com

Contacts

Kroll Bond Rating Agency
Analytical:
William Cox, 646-731-2472
Managing Director
wcox@kbra.com
or
Patricia McGuigan, 646-731-3350
Director
pmcguigan@kbra.com
or
Alice Cheng, 646-731-2403
Associate Director
acheng@kbra.com