...S&P Global Ratings assigned its '##+' rating and stable outlook to the North Carolina Turnpike Authority (NCTA) series 2018A Triangle Expressway System appropriation revenue refunding bonds. At the same, we raised our rating on the NCTA appropriation revenue bonds outstanding to '##+' from '##' for the Triangle Expressway System and Monroe Connector debt, based on the application of our "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" criteria (published Jan. 22, 2018, on RatingsDirect). At the same time we affirmed our '###' rating on North Carolina's general obligation (GO) bonds and our '##+' rating on the state's appropriation-backed debt outstanding. The outlook on all the ratings is stable. The NCTA bonds are special obligations of the authority secured by an annual appropriation to the authority by the state from the North Carolina Highway Trust Fund. The bonds are not payable by appropriated funds from the general revenues of North Carolina, as is...
