S&P Global Ratings assigned its 'AA+' rating to Orange County, N.C.'s series 2019B limited obligation bonds. The outlook is stable. The limited obligation bonds are secured by installment payments pursuant to the trust agreement between the county and trustee that requires the county to make installment payments equal to debt service. Annual installment payments are subject to appropriation. The agreement stipulates that the county's budget officer include installment payments in the annual budget request, and deletion or reduction of the funds from the budget would require an action by the board of county commissioners, including sending a notice to the trustee and the local government commission explaining the action. There is no debt service reserve established; however, late budget adoption
