...S&P Global Ratings assigned its '###' long-term rating to Orange County, N.C.'s series 2021 general obligation (GO) affordable housing bonds and its '##+' long-term rating to the county's series 2021A and series 2021B limited obligation bonds. At the same time, we affirmed our '###' rating on the county's GO debt outstanding and our '##+' rating on its limited obligation debt outstanding. 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. The limited obligation bonds are secured by annually appropriated available funds. We rate these obligations one notch lower than the county's general creditworthiness; this reflects appropriation risk associated with annual payments. The county pledges to appropriate from operating revenue annually, and it has a...
