S&P Global Ratings assigned its 'AA+' rating to the state?s appropriation-backed $300 million series 2025A limited obligated (Build NC) bonds. At the same time, we affirmed our 'AAA' long-term rating on the State of North Carolina's general obligation (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. The outlook on all ratings is stable. The series 2025A 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. We rate the bonds one notch lower than
