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New York, December 20, 2023 -- Moody's Investors Service has assigned Aaa ratings
to the City of Madison, WI's General Obligation Corporate Purpose Bonds, Series 2024-
A with an expected par amount of $28.6 million. Moody's maintains the city's Aaa issuer
rating and Aaa rating on the outstanding general obligation unlimited tax (GOULT)
bonds. Following the sale, the city will have about $642 million in GOULT debt
outstanding. The outlook is stable.

RATINGS RATIONALE

The Aaa rating reflects the strong, diverse economy with significant institutional
presence and above-average resident income. The financial position is consistently
solid. These positive attributes offset the limited revenue raising flexibility and slightly
elevated long-term leverage.

The Aaa GOULT rating is equivalent to the Aaa issuer rating because of the city's full
faith and credit pledge and authorization to levy a dedicated property tax that is
unlimited as to rate or amount.

RATING OUTLOOK

The stable outlook reflects the expectation that the credit quality will remain strong,
supported by continued economic growth, long-standing government and higher
education presences within the city and continued financial stability.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING

-Not applicable

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING

- Material narrowing of reserves or liquidity
- Notable growth in long-term leverage

LEGAL SECURITY

The upcoming sale and outstanding GOULT debt is backed by the city's full faith and
credit pledge and the authority to levy a dedicated property tax unlimited as to rate and
amount.

USE OF PROCEEDS

Proceeds from the Series 2024-A bonds will finance the construction of a public parking
garage facility.

PROFILE

Madison is the state capital of Wisconsin (Aa1 stable) and is home to the flagship
campus of the University of Wisconsin. It is the state's second largest city with an
estimated population of just under 266,000.

METHODOLOGY

The principal methodology used in this rating was US Cities and Counties Methodology
published in November 2022 and available at

https://ratings.moodys.com/rmcdocuments/386953. Alternatively, please see the Rating Methodologies page
on https://ratings.moodys.com for a copy of this methodology.
REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see
the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure
form. Moody's Rating Symbols and Definitions can be found
on https://ratings.moodys.com/rating-definitions.
For ratings issued on a program, series, category/class of debt or security this
announcement provides certain regulatory disclosures in relation to each rating of a
subsequently issued bond or note of the same series, category/class of debt, security or
pursuant to a program for which the ratings are derived exclusively from existing ratings
in accordance with Moody's rating practices. For ratings issued on a support provider,
this announcement provides certain regulatory disclosures in relation to the credit rating
action on the support provider and in relation to each particular credit rating action for
securities that derive their credit ratings from the support provider's credit rating. For
provisional ratings, this announcement provides certain regulatory disclosures in
relation to the provisional rating assigned, and in relation to a definitive rating that may
be assigned subsequent to the final issuance of the debt, in each case where the
transaction structure and terms have not changed prior to the assignment of the
definitive rating in a manner that would have affected the rating. For further information
please see the issuer/deal page for the respective issuer on https://ratings.moodys.com.
Regulatory disclosures contained in this press release apply to the credit rating and, if
applicable, the related rating outlook or rating review.
Please see https://ratings.moodys.com for any updates on changes to the lead rating
analyst and to the Moody's legal entity that has issued the rating.
Please see the issuer/deal page on https://ratings.moodys.com for additional regulatory
disclosures for each credit rating.

Amy Hellmann
Lead Analyst
REGIONAL_MIDWEST
Moody's Investors Service, Inc.
Zephyrhills
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Benjamin VanMetre
Additional Contact
REGIONAL_MIDWEST
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

I want to thank the Common Council for their work to pass a budget that continues to invest in our critical community services and infrastructure. The City’s budget process is never easy, and there are always more community needs and more good ideas than funding can support. This is made more difficult by a State legislature that provides minimal direct support and severely restricts Madison’s access to revenue sources available elsewhere. The result is that, every year, the costs to deliver City services - like libraries, emergency response, transit, snow plowing, and more - increase faster than our revenues do to pay for those services. While we have mastered the art of doing more with less, it is increasingly challenging to deliver the high quality services that Madisonians are accustomed to in a rapidly growing city.

Despite these funding challenges, there are a few bright spots that I am pleased we were able to advance in this budget. I appreciate the Council’s support for our key priorities around violence prevention, safety, housing, and sustainability. I am particularly excited about the following: 

• Continued support to expand the CARES program, including investments in staffing and vehicles,to support the program’s growth. 
• A City-wide public information officer to help engage and respond to residents about City services, which was a top priority of the City’s Neighborhood Resource Teams.
• Local and federal funding along the Lake Monona Waterfront to reconstruct and improve the John Nolen Drive bridges, roadway and multi-use path.
• Continued investment in the City’s bus rapid transit system by adding federal, state, and local funding to construct the North-South line. 
• Another annual increase to the City’s affordable housing fund, providing $94.5 million over six years - an increase of over 60 percent from the 2023 Capital Improvement Plan. 
• Continued investment in solar, geothermal, and electric vehicle charging projects and acquisitions, with the support of over $13 million in federal tax credits from the Inflation Reduction Act