Summary: Charlotte, North Carolina; Appropriations; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to Charlotte, N.C.'s series 2018A general obligation (GO) refunding bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating on the city's existing GO bonds and its 'AA+' long-term rating on the city's installment purchase obligations. The outlook is stable. We also affirmed our 'AA+/A-1' dual rating on Charlotte's series 2013G variable-rate certificates of participation (COPs) and series 2003F variable-rate COPs. The long-term component of the rating is based on the rating on the obligor, the City of Charlotte, while the short-term component is based on the short-term ratings on the issues' respective liquidity providers, which are Wells Fargo Bank N.A. (A-1) for series 2013G and Bank of America

...S&P Global Ratings assigned its '###' long-term rating to Charlotte, N.C.'s series 2018A general obligation (GO) refunding bonds. At the same time, S&P Global Ratings affirmed its '###' long-term rating on the city's existing GO bonds and its '##+' long-term rating on the city's installment purchase obligations. The outlook is stable. We also affirmed our '##+/A-1' dual rating on Charlotte's series 2013G variable-rate certificates of participation (COPs) and series 2003F variable-rate COPs. The long-term component of the rating is based on the rating on the obligor, the City of Charlotte, while the short-term component is based on the short-term ratings on the issues' respective liquidity providers, which are Wells Fargo Bank N.A. (A-1) for series 2013G and Bank of America N.A. (A-1) for series 2003F. We note that the short-term component on the 2013G rating was lowered on Feb. 21, 2018 following the downgrade of Wells Fargo on Feb. 7, 2018 Proceeds from the 2018A GO bonds will be used...

Summary