S&P Global Ratings assigned its 'AAA' rating to the state of North Carolina's $106.155 million series 2025C and $203.445 million series 2026A (forward delivery) general obligation (GO) refunding bonds. S&P Global Ratings also assigned its 'AA+' rating to the state?s $170.91 million series 2025B appropriation-backed limited obligation refunding bonds (LOBs). At the same time, we affirmed our 'AAA' long-term rating on the state's GO bonds outstanding. We also affirmed our 'AA+' rating on the state's appropriation-backed obligations outstanding, which include other Build NC bonds and those issued by the North Carolina Turnpike Authority, payable from funds available in the state Highway Trust Fund.. The outlook on all ratings is stable. NEW YORK (S&P Global Ratings) Oct. 17, 2025--S&P Global Ratings
