Wisconsin won an upgrade of its general obligation credit to AA from AA-minus from Standard & Poor’s in recognition of fiscal advances made over the last two budget cycles and the state’s ability to manage through a budgetary crunch with narrow reserves.

The upgrade came in connection with the rating agency’s review of the credit ahead of the state’s competitive sale of about $300 million of GOs tomorrow. The state carries about $5.8 billion of GO debt on its books and another $1.88 billion of debt backed by a state appropriation.

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