FOR IMMEDIATE RELEASE
July 15, 2016Treasurer Cowell Announces Bond Ratings for First Issuance of Connect NC Bonds
Raleigh, N.C. -- State Treasurer Janet Cowell announced today that all three major national bond rating agencies have re-affirmed the State's AAA bond rating, all with stable outlooks, in preparation for the upcoming sale of the initial $200 Million of General Obligation Public Improvement (Connect NC) Bonds. The bonds are scheduled to be competitively sold on July 27th. North Carolina is one of only twelve states to earn the “AAA” bond rating by all three rating agencies.
Voters approved the $2 Billion Connect NC bonds on March 15th of this year. Projects in the package include public universities and community colleges, with additional capacity for water and sewer projects, state parks, public safety, agriculture projects and the National Guard.
Each of the rating agencies commented on the State’s diverse economic base, low-to-moderate debt burden, and a long history of prudent fiscal management.
Fitch specifically noted North Carolina’s “low liabilities and strong debt management practices, including an affordability planning process. Pension funding is strong compared to other states.”
View the 2016 Debt Affordability Study
The Department of State Treasurer’s State and Local Government Finance Division handles the sale and delivery of all State and local debt and monitors the repayment of State and local government debt. More information can be found at: http://www.nctreasurer.com/slg