...DALLAS (Standard & Poor's) April 30, 2015--Standard & Poor's Ratings Services assigned its '##' long-term rating to North Carolina's approximately $300 million series 2015 grant anticipation revenue vehicle (GARVEEs) bonds. At the same time, Standard & Poor's affirmed its '##' long-term rating and underlying rating (SPUR) on the state's existing GARVEE bonds. The outlook is stable. "The rating reflects our view of the state's historically strong debt service coverage, a strong additional bonds test, and its well-managed GARVEE program," said Standard & Poor's credit analyst Todd Spence." The state has approximately $479 million of GARVEE bonds outstanding. The series 2015 issue will add approximately $300 million and North Carolina has indicated that it plans to issue an additional $300 million in 2016. The rating on the North Carolina GARVEE bonds, like all other GARVEE ratings we maintain for other states, assume that the supportive legislative framework and Congressional appropriations...
