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KBRA Releases Report for State of Wisconsin Master Lease COPs of 2018, Series A

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On August 15, 2018, Kroll Bond Rating Agency (KBRA) assigned a long-term
rating of AA with a Stable Outlook to the State of Wisconsin's Master
Lease Certificates of Participation (COPs) of 2018, Series A.

Concurrently, KBRA affirmed the long-term rating of AA with a Stable
Outlook on the State of Wisconsin's outstanding Wisconsin Master Lease
COPs, excluding bonds backed by a letter of credit or liquidity
facility, unless otherwise noted. KBRA also affirmed the long-term
rating of AA+ with a Stable Outlook to the State of Wisconsin General
Obligation Bonds. Additionally, KBRA affirmed the short-term rating of
K1+ on the State's general obligation commercial paper (CP) program and
general obligation extendible municipal commercial paper (EMCP) program.

The Master Lease COPs rating is based on the State's long-term general
obligation rating and evaluation of the factors discussed in KBRA's U.S.
State Annual Appropriation Obligation Rating Methodology
.

The long-term rating on the State's general obligation bonds is based on
KBRA's U.S.
State General Obligation Rating Methodology
.

The short-term ratings on the State's CP and EMCP programs are derived
from the State's long-term general obligation rating and also reflects
the State's strong liquidity, history of market access, and prior
authorization to retire all CP and EMCP Notes with long term bonds. For
mapping of the long-term rating to the short-term rating, please refer
to the short-term KBRA
Rating Scale
.

To view the report, please click here.

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About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S.
Securities and Exchange Commission as an NRSRO. 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, is recognized by the National
Association of Insurance Commissioners as a Credit Rating Provider, and
is a certified Credit Rating Agency (CRA) by the European Securities and
Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is
registered with ESMA as a CRA.

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