Summary: Charlotte, North Carolina; Appropriations; General Obligation

S&P Global Ratings assigned its 'AA+' long-term rating to Charlotte, N.C.'s series 2019A and 2019B certificates of participation (COPs). At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating on the city's existing general obligation (GO) bonds and its 'AA+' long-term rating on the city's existing COPs and installment purchase obligations. The outlook is stable. We also affirmed our 'AA+/A-1' dual rating on Charlotte's series 2013G variable-rate 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. for series 2013G and Bank

...S&P Global Ratings assigned its '##+' long-term rating to Charlotte, N.C.'s series 2019A and 2019B certificates of participation (COPs). At the same time, S&P Global Ratings affirmed its '###' long-term rating on the city's existing general obligation (GO) bonds and its '##+' long-term rating on the city's existing COPs and installment purchase obligations. The outlook is stable. We also affirmed our '##+/A-1' dual rating on Charlotte's series 2013G variable-rate 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. for series 2013G and Bank of America N.A. for series 2003F. The GO rating on the city is eligible to be higher than the sovereign rating because we believe Charlotte can maintain stronger credit characteristics relative to the U.S. sovereign in a...

Summary