S&P Global Ratings assigned its 'AA+' appropriation rating to Charlotte, N.C.'s $120.245 million series 2024 certificates of participation (COPs). S&P Global Ratings also affirmed its 'AAA' rating on the city's general obligation (GO) debt outstanding, and its 'AA+' rating on the city's appropriation debt outstanding. The outlook is stable. For the COPs, 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 payments to the trustee for payment of debt service on the certificates. Certain property (firehouse) under the deed of trust is also pledged to certificate-holders in the event of non-appropriation. Based on the application of
