S&P Global Ratings assigned its 'AAA' long-term rating to Charlotte , N.C.'s approximately $184 million series 2025B general obligation (GO) streets and neighborhood refunding bonds. At the same time, we affirmed our 'AAA' long-term rating on the city's GO debt outstanding and our 'AA+' long-term rating on the city's appropriation debt outstanding. The outlooks are stable. The city's full faith and credit secures the 2025B GO bonds and GO debt outstanding. The outstanding appropriation debt is rated based on the application of our criteria: " Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness ," Nov. 20, 2019. We rate the city's appropriation debt one notch lower than its general creditworthiness to account for the appropriation risk associated with
