S&P Global Ratings assigned its 'AA+' rating to North Carolina's $133.7 million series 2021A limited obligation refunding bonds. The outlook is stable. The series 2021A bonds are limited obligations of the state, subject to annual appropriation by the General Assembly. The 2021A bonds are being issued to refund all, or a portion of, certain limited obligation bonds outstanding (that were originally issued to finance or refinance various capital improvements of state facilities). Much of the savings are expected in the beginning and end of the debt service schedule, with level savings in between. There is no extension of maturities. Bond proceeds will also be used to pay for certain costs of issuance. We rate the bonds one notch lower than
