S&P Global Ratings assigned its 'AA+' rating to Orange County, N.C.'s series 2019A limited obligation bonds. At the same time, S&P Global Ratings affirmed its 'AA+' rating on the county's existing limited obligation debt and affirmed its 'AAA' rating on the county's existing general obligation (GO) debt. 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
