Summary: Wisconsin; Appropriations; CP; General Obligation; Moral Obligation Sep 11

Standard & Poors, September 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AA' rating and stable outlook to Wisconsin's general obligation (GO) refunding bonds of 2011, series 2, and affirmed its 'AA' rating on the state's existing GO debt. We also affirmed our 'AA-' rating on the state's appropriation bonds and master lease certificates of participation, and the 'A-1+' rating on the GO commercial paper (CP) and extendable municipal CP notes. Finally, we affirmed our rating of 'A' on the state's moral obligation-backed debt. The outlook on the ratings for the bonds and certificates is stable. The ratings reflect our view of the state's: Strong government framework with a constitutional balanced-budget requirement and a statutory provision that gives GO debt service first claim on state...

Companies mentioned in this report are:
- Wisconsin

Action: Affirmed
Action: New Rating

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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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