S&P Global Ratings affirmed its 'AAA' long-term rating on the State of North Carolina's general obligation (GO) bonds outstanding, based on the application of its "Methodology For Rating U.S. Governments," published Sept. 9, 2024. At the same time, S&P Global Ratings affirmed its 'AA+' rating on the state's appropriation-backed obligations, which include Build NC bonds and those issued by the North Carolina Turnpike Authority. The outlook on all ratings is stable. North Carolina's GO bonds are secured by a pledge of the state's faith and credit and taxing power. We believe North Carolina's credit profile benefits from strong economic growth, state's ability to manage revenues to support expenditure mandates, well-defined financial management policies, and a commitment to maintaining balanced biennial
