Summary: Charlotte, North Carolina; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to Charlotte, N.C.'s series 2019A and taxable 2019B general obligation (GO) bonds. The outlook is stable. The city is authorized and required by law to levy on all property taxable by the city such ad valorem taxes, without limitation as to rate or amount, as may be necessary to pay the 2019A and 2019B bonds and the interest thereon. 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 stress scenario. Under our criteria "Ratings Above The Sovereign: Corporate And Government Ratings--Methodologies And Assumptions," published Nov. 19, 2013, the city has

...S&P Global Ratings assigned its '###' long-term rating to Charlotte, N.C.'s series 2019A and taxable 2019B general obligation (GO) bonds. The outlook is stable. The city is authorized and required by law to levy on all property taxable by the city such ad valorem taxes, without limitation as to rate or amount, as may be necessary to pay the 2019A and 2019B bonds and the interest thereon. 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 stress scenario. Under our criteria "Ratings Above The Sovereign: Corporate And Government Ratings--Methodologies And Assumptions," published Nov. 19, 2013, the city has predominantly locally derived revenue with independent taxing authority and independent treasury management from the federal government. Charlotte remains a vibrant and growing area. Market value growth over the recent past supports growth in major revenue...

Summary