...S&P Global Ratings assigned its '##+' rating to Fayetteville, N.C.'s series 2019 general obligation (GO) parks and recreation and refunding bonds. At the same time, S&P Global Ratings assigned its '##' rating to Fayetteville's series 2019 limited-obligation bonds (LOBs). S&P Global Ratings also affirmed its '##+' rating on the city's unlimited GO debt and its '##' rating on Fayetteville's previously issued appropriation-backed debt. The outlook is stable. Despite an underlying economy we characterize as adequate, Fort Bragg is the economic anchor and a stabilizing institutional influence for Fayetteville that continues to provide economic and credit stability. The city's strong overall financial profile, which has historically yielded consistent and positive budgetary performance, has enabled Fayetteville to cash fund a large portion of its capital-related expenditures, which has helped it maintain its overall strong debt profile. The $16 million of parks and recreation bonds will fund...
