MOODY'S ASSIGNS Aa3 RATING TO $203 MILLION OF STATE OF WISCONSIN GENERAL OBLIGATION REFUNDING BONDS, SERIES 2010 1

Posted on: February 9, 2010, 10:52 am

NEW YORK, Feb 9, 2010 -- Moody's Investors Service has assigned a rating of Aa3 to the State of Wisconsin's General Obligation Refunding Bonds of 2010, Series 1 with a par value of $202.9 million (subject to change). The outlook is negative. Moody's has also, at this time, affirmed the Aa3 rating on the state's outstanding general obligation debt, the A1 ratings on the outstanding general fund annual appropriation bonds and master lease certificates of participation, and the P-1 rating on the outstanding general obligation extendible commercial paper. Bond proceeds will be used to current refund general obligation bonds maturing on May 1, 2010, providing general fund budgetary relief. The final maturity of the 2010 Series 1 refunding bonds is expected to be 2029, with the average life of the issue expected to approximate 7 years. The state's 2009-2011 biennial budget included $285 million in structural debt refundings of the approximately $700 million of general obligation bonds scheduled to mature during the biennium. The general obligation refunding bonds of 2009 Series 1 issued in September 2009 also provided budgetary relief and were part of the $285 million in structural debt refundings included in the 2009-11 biennial budget...

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