...April 26, 2022 HARTFORD (S&P Global Ratings) April 26, 2022--S&P Global Ratings assigned its '##+' rating to North Carolina's $300 million series 2022A limited obligation (Build NC) bonds. The outlook is stable. The series 2022A bonds are limited obligations of the state payable from funds available in the state Highway Trust Fund (HTF), separate and distinct from the state's general fund, subject to annual appropriation by the General Assembly. The 2022A bonds are being issued to finance various transportation projects across the state, fund a debt service reserve fund (DSRF), and pay for certain costs of issuance. We rate the bonds one notch lower than North Carolina's general creditworthiness (as reflected in our '###' general obligation [GO] rating on the state) to account for the appropriation risk associated with the HTF revenues. "In our view, these bonds have a strong relationship to the obligor and are providing funding for projects we believe are significantly important to the...
