S&P Global Ratings assigned its 'AAA' long-term rating to Charlotte, N.C.'s series 2021A general obligation (GO) refunding bonds in the approximate amount of $127.5 million. The outlook is stable. Revenue from ad valorem taxes, without limitation as to rate or amount, secures the GO bonds. Proceeds from the transaction will permanently finance funds drawn from the 2019C liquidity agreement with PNC Bank N.A. that were used to initiate GO-funded construction projects. Following the execution of the transaction, the city's net direct debt outstanding is approximately $1.66 billion, including capital leases. The 'AAA' GO rating reflects our view of the city's broad economic base supported by the strength of its main employers, strong housing market, and population growth, which together stabilized
