Summary: Charlotte, North Carolina; Appropriations; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to Charlotte, N.C.'s 2016A general obligation (GO) refunding bonds. At the same time, S&P affirmed its 'AAA' long-term rating on the city's existing GO bonds and its 'AA+' long-term rating on the city's appropriation- and general fund-backed bonds. The outlook is stable. We have also affirmed our 'AA+/A-1+' rating on Charlotte's series 2003B and 2013G variable-rate certificates of participation (COPs) and our 'AA+/A-1' rating on its series 2003F and 2005A variable-rate COPs because the bank facilities were extended. The long-term component of the ratings is based on the rating on the obligor, Charlotte. The short-term components of the ratings are based on the short-term ratings on the issues' respective liquidity providers, which

...S&P Global Ratings assigned its '###' long-term rating to Charlotte, N.C.'s 2016A general obligation (GO) refunding bonds. At the same time, S&P affirmed its '###' long-term rating on the city's existing GO bonds and its '##+' long-term rating on the city's appropriation- and general fund-backed bonds. The outlook is stable. We have also affirmed our '##+/A-1+' rating on Charlotte's series 2003B and 2013G variable-rate certificates of participation (COPs) and our '##+/A-1' rating on its series 2003F and 2005A variable-rate COPs because the bank facilities were extended. The long-term component of the ratings is based on the rating on the obligor, Charlotte. The short-term components of the ratings are based on the short-term ratings on the issues' respective liquidity providers, which are Wells Fargo Bank N.A. (A-1+) for the series 2003B and 2013G and Bank of America N.A. (A-1) for the series 2003F and 2005A. Proceeds from the 2016A GO bonds will be used to fully convert draws under the...

Summary