Summary: Wisconsin; General Obligation May 10

Standard & Poors, May 2010

Abstract
Standard & Poor's Ratings Services has assigned its 'AA' long-term rating to Wisconsin's general obligation (GO) refunding bonds of 2010, series 2. At the same time, Standard & Poor's affirmed its 'AA' rating on the state's previously issued GO bonds. The outlook is stable. The ratings reflect our view of the state's: Proven ability to make budget corrections in midyear to maintain fiscal balance with low-but-adequate general fund reserves; Diverse economy, which has shown resilience in recent years. It has a large and diverse manufacturing sector, and an unemployment rate that historically has been below the national average; Moderate debt burden; and Fully funded previous service pension liability, and only an implicit other postemployment benefit unfunded liability. Mitigating credit factors...

Companies mentioned in this report are:
- Wisconsin

Action: Affirmed
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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Wisconsin

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