Summary: North Carolina; Appropriations; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to North Carolina's series 2019B general obligation (GO) public improvement (Connect NC) bonds. At the same time, we affirmed our 'AAA' rating on the state's existing GO bonds and our 'AA+' rating on its appropriation-backed obligations, including Build NC bonds and those issued by the North Carolina Turnpike Authority. The outlook on all the ratings is stable. The bonds are the third issuance of its $2 billion voter-approved Connect NC GO bonds in March 2016 for projects throughout the state. Within the authorization, the primary projects (66.5%) are for the University of North Carolina ($980 million) and community colleges ($350 million). Prior issuances under the authorization include $200 million in 2016 and

...S&P Global Ratings assigned its '###' long-term rating to North Carolina's series 2019B general obligation (GO) public improvement (Connect NC) bonds. At the same time, we affirmed our '###' rating on the state's existing GO bonds and our '##+' rating on its appropriation-backed obligations, including Build NC bonds and those issued by the North Carolina Turnpike Authority. The outlook on all the ratings is stable. The bonds are the third issuance of its $2 billion voter-approved Connect NC GO bonds in March 2016 for projects throughout the state. Within the authorization, the primary projects (66.5%) are for the University of North Carolina ($980 million) and community colleges ($350 million). Prior issuances under the authorization include $200 million in 2016 and $400 million in 2018. Future Connect NC bond sales will depend on the project cash flows required. The series 2019B bonds constitute GOs of the state, secured by a pledge of its faith and credit and taxing power. The GO rating...

Summary