Summary: Orange County, North Carolina; Appropriations; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to Orange County, N.C.'s series 2022 general obligation (GO) school bonds. At the same time, we affirmed our 'AAA' rating on the county's debt outstanding and our 'AA+' rating on its limited obligation bond (LOB) 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 series 2022 bonds represent the remaining voter-approved amount of the $120 million school project from the 2016 referendum. The county's existing LOBs are secured by

...S&P Global Ratings assigned its '###' long-term rating to Orange County, N.C.'s series 2022 general obligation (GO) school bonds. At the same time, we affirmed our '###' rating on the county's debt outstanding and our '##+' rating on its limited obligation bond (LOB) 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 series 2022 bonds represent the remaining voter-approved amount of the $120 million school project from the 2016 referendum. The county's existing LOBs 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,...

Summary