Summary: North Carolina; Federal or State Grant Programs

S&P Global Ratings Services has affirmed its 'AA' rating on North Carolina's outstanding grant anticipation revenue vehicle (GARVEEs) bonds. The outlook is stable. Securing the bonds are pledged receipts solely from Title 23 federal aid transportation reimbursements and designated for project-specific debt service under a memorandum of agreement (MOA) with the Federal Highway Administration (FHWA), North Carolina Department of Transportation (NCDOT), and the state treasurer. Bonds are special, limited obligations payable only from the trust estate. North Carolina has a direct GARVEE program whereby the FHWA reimburses the state for debt service on specifically approved, federally eligible projects. In practice, the state converts just a portion of its total obligation authority for the federally approved project funding (or a portion

...S&P Global Ratings Services has affirmed its '##' rating on North Carolina's outstanding grant anticipation revenue vehicle (GARVEEs) bonds. The outlook is stable. Securing the bonds are pledged receipts solely from Title 23 federal aid transportation reimbursements and designated for project-specific debt service under a memorandum of agreement (MOA) with the Federal Highway Administration (FHWA), North Carolina Department of Transportation (NCDOT), and the state treasurer. Bonds are special, limited obligations payable only from the trust estate. North Carolina has a direct GARVEE program whereby the FHWA reimburses the state for debt service on specifically approved, federally eligible projects. In practice, the state converts just a portion of its total obligation authority for the federally approved project funding (or a portion of it) in an amount equal to principal and interest payments and deposits those amounts with the trustee. The rating reflects our opinion of the following...

Summary