On September 8, 2022, KBRA assigned a long-term rating of AAA, with a Stable Outlook to the State of Wisconsin’s (the State’s) General Obligation (G.O.) Refunding Bonds of 2022, Series 3. Concurrently, KBRA affirmed the long-term AAA rating with a Stable Outlook on the outstanding G.O. Bonds; the short-term K1+ rating on the G.O. Commercial Paper (CP) Program and G.O. Extendible Municipal Commercial Paper (EMCP) Program; and the long-term AA+ rating with a Stable Outlook on outstanding Master Lease Certificates of Participation (COPs). The long-term COPs rating is derived from the State’s long-term G.O. rating and an evaluation of factors discussed in KBRA’s U.S. State Annual Appropriation Obligation Rating Methodology. As of September 1^st, 2022, the State had $7.1 billion of General Obligations, including fixed rate G.O. Bonds, variable rate G.O. FRNs and EMCP Notes, and Variable Rate Demand Obligation (“VRDO”) Notes outstanding.

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Disclosures

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.

About KBRA

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.

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