S&P Global Ratings assigned its 'AA+' rating to North Carolina's $700 million series 2020B limited obligation (Build NC) bonds. At the same time, S&P Global Ratings affirmed its 'AA+' rating on the state's limited obligation (Build NC) bonds outstanding. The outlook is stable. The series 2020B bonds are limited obligations of the state payable from funds available in the state Highway Trust Fund (HTF), separate and distinct from the state's general fund, subject to annual appropriation by the General Assembly. The 2020B bonds are being issued to finance various transportation projects across the state, fund a debt service reserve fund (DSRF), and to pay for certain costs of issuance. We rate the bonds one notch lower than North Carolina's general
