Standard&Poor's Ratings Services has assigned its 'AA' long-term rating to Orange County, N.C.'s series 2012 limited obligation bonds and affirmed its 'AA' underlying rating (SPUR) on the county's existing appropriation debt. At the same time, Standard&Poor's affirmed its 'AA+' long-term rating on the county's existing general obligation (GO) debt. The outlook remains positive. The ratings reflect our view of the county's: Stable, diverse economy anchored in education and health care services; Stable tax base with extremely strong per market value and good household income metrics; Very strong financial position following a sizable surplus in fiscal 2011 and good financial policies and practices; and Low-to-moderate overall net debt burden. Payments that are subject to annual appropriation by
