Summary: North Carolina Turnpike Authority North Carolina; Appropriations

S&P Global Ratings assigned its 'AA+' rating to the North Carolina Turnpike Authority's (NCTA) series 2019 Triangle Expressway System appropriation revenue bonds. The outlook is stable. The rating is based on the application of S&P Global Ratings' "Issue Credit Ratings Linked To U.S. Public Finance Obligors? Creditworthiness" criteria (published Jan. 22, 2018). We rate these bonds one notch lower than the state of North Carolina's general creditworthiness ([AAA/Stable] general obligation [GO] rating) to reflect the appropriation risk associated with the annual payment. We note that at the time of publishing this report, the bonds have not received all necessary approvals prior to issuance. The bonds are expected to be considered by the NCTA at its Oct. 31, 2019, board meeting

...S&P Global Ratings assigned its '##+' rating to the North Carolina Turnpike Authority's (NCTA) series 2019 Triangle Expressway System appropriation revenue bonds. The outlook is stable. The rating is based on the application of S&P Global Ratings' "Issue Credit Ratings Linked To U.S. Public Finance Obligors' Creditworthiness" criteria (published Jan. 22, 2018). We rate these bonds one notch lower than the state of North Carolina's general creditworthiness ([###/Stable] general obligation [GO] rating) to reflect the appropriation risk associated with the annual payment. We note that at the time of publishing this report, the bonds have not received all necessary approvals prior to issuance. The bonds are expected to be considered by the NCTA at its Oct. 31, 2019, board meeting and is also subject to the approval of the Local Government Commission. The NCTA bonds are special obligations of the authority secured by an annual appropriation to the authority by the state from the North Carolina...

Summary