Summary: North Carolina; Appropriations; General Obligation

S&P Global Ratings assigned its 'AA+' rating to North Carolina's series 2019A limited obligation (Build NC) bonds based on the application of S&P Global Ratings' "Issue Credit Ratings Linked To U.S. Public Finance Obligors? Creditworthiness" criteria (published Jan. 22, 2018, on RatingsDirect). At the same time, we affirmed our 'AAA' rating on North Carolina's general obligation (GO) bonds, our 'AA+' rating on the North Carolina Turnpike Authority (NCTA) appropriation revenue bonds for the Triangle Expressway System and Monroe Connector debt, and our 'AA+' rating on the state's other appropriation-backed debt outstanding. The outlook on all the ratings is stable. The state's full faith and credit secures the GO bonds. The GO rating reflects our view of the following credit factors,

...S&P Global Ratings assigned its '##+' rating to North Carolina's series 2019A limited obligation (Build NC) bonds based on the application of S&P Global Ratings' "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" criteria (published Jan. 22, 2018, on RatingsDirect). At the same time, we affirmed our '###' rating on North Carolina's general obligation (GO) bonds, our '##+' rating on the North Carolina Turnpike Authority (NCTA) appropriation revenue bonds for the Triangle Expressway System and Monroe Connector debt, and our '##+' rating on the state's other appropriation-backed debt outstanding. The outlook on all the ratings is stable. The state's full faith and credit secures the GO bonds. The GO rating reflects our view of the following credit factors, including North Carolina's: + Strong economic growth expected to exceed that of the nation supported by diverse employment sectors; + History of prudent fiscal management--this includes making difficult budget...

Summary