...S&P Global Ratings assigned its '##+' long-term rating to Charlotte, N.C.'s series 2021A refunding certificates of participation (COPs) that will be issued in the approximate amount of $165.3 million. At the same time, we affirmed our '###' long-term rating on the city's GO debt outstanding as well as our '##+' long-term rating on the city's installment purchase obligations. Finally, we affirmed our '##+/A-1' dual rating on Charlotte's series 2013G and 2003F variable-rate COPs. The long-term component of the rating reflects the city's appropriation-backed obligation, while the short-term component is based on the short-term ratings on the liquidity providers, which are Wells Fargo Bank N.A. (series 2013G) and Bank of America N.A. (series 2003F). The outlook is stable. The city is obligated under the contract to transfer installment purchase payments, subject to budgeted appropriations, to the New Charlotte Corp. The corporation assigns all right, title, and interest in the installment purchase...
