S&P Global Ratings assigned its 'AAA' long-term rating to Orange County, N.C.'s series 2020 general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its 'AAA' rating on the county's existing GO debt and its 'AA+' rating on the county's existing limited obligation debt. The outlook is stable. Orange County's full-faith-and-credit pledge secures its GO bonds. The county is authorized and required by law to levy on all taxable property such ad valorem taxes, without limitation as to rate or amount, as may be necessary to pay principal and interest on the bonds. Orange County's GO bonds are eligible to be rated above the sovereign because we believe the county can maintain better credit characteristics than the U.S.
