NEW YORK--(BUSINESS WIRE)--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.
Issuer: State of Wisconsin
|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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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).