Summary: North Carolina; Federal or state grant programs

Standard&Poor's Ratings Services assigned its 'AA' long-term rating to North Carolina's approximately $300 million series 2015 grant anticipation revenue vehicle (GARVEEs) bonds. At the same time, Standard&Poor's affirmed its 'AA' long-term rating and underlying rating (SPUR) on the state's existing GARVEE bonds. The outlook is stable. The rating reflects our view of the state's historically strong debt service coverage, a strong additional bonds test, and its well-managed GARVEE program. More specifically, the rating reflects our opinion of the following credit strengths: Strong 11.3x pro forma maximum annual debt service (MADS) coverage, including the series 2015 and planned 2016 issuance, based on 2014 actual receipts; A well-defined process for assuring annual deposits of pledged revenues into the

...Standard & Poor's Ratings Services assigned its '##' long-term rating to North Carolina's approximately $300 million series 2015 grant anticipation revenue vehicle (GARVEEs) bonds. At the same time, Standard & Poor's affirmed its '##' long-term rating and underlying rating (SPUR) on the state's existing GARVEE bonds. The outlook is stable. The rating reflects our view of the state's historically strong debt service coverage, a strong additional bonds test, and its well-managed GARVEE program. More specifically, the rating reflects our opinion of the following credit strengths:...

Summary