S&P Global Ratings affirmed its 'AAA' long-term rating on the State of North Carolina's general obligation (GO) bonds outstanding. At the same time, S&P Global Ratings affirmed its 'AA+' rating on the state's appropriation-backed obligations, which include Build NC bonds and those issued by the North Carolina Turnpike Authority. The outlook on all ratings is stable. The state's GO bonds outstanding are secured by a pledge of the state's faith and credit and taxing power. North Carolina's credit profile has historically benefited from strong economic growth, well-defined financial management policies, and a commitment to maintaining balanced biennial budgets and preservation of very strong reserves, despite a recent history of extended budget impasses due to policy differences and some reserve use
