S&P Global Ratings assigned its 'AA' long-term rating to the State of North Carolina 's proposed $433 million series 2025 grant anticipation revenue vehicle (GARVEE) bonds and refunding bonds. At the same time, S&P Global Ratings affirmed its 'AA' long-term rating and underlying rating on the state's GARVEE bonds outstanding. The outlook is stable. NEW YORK (S&P Global Ratings) April 4, 2025--S&P Global Ratings today took the rating actions listed above. The stable outlook reflects our expectation that the allocation of federal apportionments for North Carolina's GARVEE program will remain consistent with historical trends. We do not expect to raise or lower the rating during the two-year outlook period. Although unexpected, we could lower the rating if we believe that
