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Wisconsin; Appropriation, Appropriation; Tax Secured, General Obligation May 03
Standard & Poors, May 2003
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...
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Action: New Rating
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