NEW YORK--(BUSINESS WIRE)--On February 16, 2021, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AA+ with a Positive Outlook to the State of Wisconsin General Obligation Refunding Bonds of 2021 Series 3 (Taxable).
Concurrently, KBRA affirmed the long-term rating of AA+ with a Positive Outlook on the State of Wisconsin’s (the State’s) outstanding General Obligation (GO) Bonds and long-term rating of AA with a Positive Outlook on the State’s outstanding Master Lease Certificates of Participation (COPs). Lastly, KBRA affirmed the short-term rating of K1+ on the State’s GO Commercial Paper (CP) Program and GO Expendable Municipal Commercial Paper (EMCP) Program.
The Positive Outlook reflects the State’s continued fiscal discipline and the resulting improvement in its financial reserves. The Outlook also reflects KBRA’s expectation the State will return to its positive economic trajectory after recovering from the disruptions caused by the pandemic, demonstrating greater resilience and recovery than much of the nation.
Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.