S&P Global Ratings assigned its 'AA+' long-term rating to Orange County , N.C.'s $71.34 million series 2025 limited obligation bonds (LOBs). At the same time, we affirmed our 'AAA' long-term rating on Orange County's general obligation (GO) debt and our 'AA+' long-term rating on the county's appropriation debt outstanding. The outlook is stable. The county's LOBs are secured by annually appropriated available funds. We rate these obligations one notch lower than the county's general creditworthiness; this reflects appropriation risk associated with annual payments. The county pledges to appropriate from operating revenue annually, and it has a long record of appropriating for similar obligations. We believe there are no unusual political, timing, or administrative risks associated with the installment debt payments.
