Summary: Charlotte, North Carolina; Water/Sewer

S&P Global Ratings has assigned its 'AAA' long-term rating to Charlotte, N.C.'s series 2020 storm water fee revenue refunding bonds. At the same time, we affirmed our 'AAA' long-term rating on the city's previously issued storm water fee revenue bonds. The outlook is stable. The bonds are secured by a net revenue pledge of the storm water facilities. We understand that bond proceeds will refund the city's outstanding 2018 bond anticipation note. The city's storm water services utility was created in 1992, under a city council ordinance, in response to the rising number of drainage problems. The problems were the result of poorly maintained infrastructure, a majority of which is on private property. In 1994, the city council approved a

...S&P Global Ratings has assigned its '###' long-term rating to Charlotte, N.C.'s series 2020 storm water fee revenue refunding bonds. At the same time, we affirmed our '###' long-term rating on the city's previously issued storm water fee revenue bonds. The outlook is stable. The bonds are secured by a net revenue pledge of the storm water facilities. We understand that bond proceeds will refund the city's outstanding 2018 bond anticipation note. The city's storm water services utility was created in 1992, under a city council ordinance, in response to the rising number of drainage problems. The problems were the result of poorly maintained infrastructure, a majority of which is on private property. In 1994, the city council approved a strategy to accelerate storm water facility capital projects, developing a plan to levy a modest property tax, and gradually increase the impervious surface fees to create a self-supporting entity. Charlotte began issuing bonds to fund improvements to the...

Summary