Wisconsin; Appropriation, Appropriation; Tax Secured, General Obligation May 03
Standard & Poors, May 2003
Abstract
The 'AA-' rating for the state of Wisconsin's GO bonds reflects its: Resilient economy, with a large and diverse manufacturing sector, and unemployment rates below the U.S. average. Moderate debt burden with above-average debt roll-off. Offsetting credit factors include the state's: Structural financial imbalance, which has resulted in a steep decline in the state's budgetary fund balance from $208 million in fiscal 2001 to $54 million at the end of fiscal 2002, to a projected negative $284 million at fiscal year-end June 30, 2003. Prior lack of commitment to increase financial reserves or establish a rainy day fund. Increased funding commitment to public education, which rose to two-thirds since 1995, resulting in decreased expenditure flexibility through fiscal 2003. Negative GAAP...
Companies mentioned in this report are:
- Wisconsin
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
- Wisconsin
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