Press Release

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:
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New York, NY 10007
U.S.A
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653