Standard&Poor's Ratings Services assigned its 'AA+' rating to Charlotte, N.C.'s series 2015A taxable certificates of participation (COPs). At the same time, Standard&Poor's affirmed its 'AAA' and 'AA+' ratings on the city's general obligation (GO) and appropriation-backed debt, respectively. The outlook on all ratings is stable. The 'AA+' rating on the COPs reflects our view of: The city's credit strength, and The city's covenant to appropriate installment payments to cover debt service annually. The 'AAA' GO rating reflects our opinion of the city's: Strong economy, as the center of the broad and diverse Charlotte-Concord-Gastonia metropolitan statistical area (MSA); Very strong budgetary flexibility, with reserves exceeding 15% of expenditures; Strong budgetary performance in fiscal 2014, with at least
