FOR IMMEDIATE RELEASETreasurer Cowell Announces North Carolina Keeps Top “AAA” Bond Rating
Raleigh, N.C. -- State Treasurer Janet Cowell announced today the affirmation of North Carolina's “AAA” general obligation bond rating, with a stable outlook, by all three rating agencies – Standard & Poor's, Moody's Investors Service and Fitch Ratings. North Carolina is one of only nine states to earn the “AAA” bond rating by all three rating agencies.
“As voters consider a bond package next month, this fiscal seal of approval confirms the sound financing of such an investment,” said Cowell
Fitch specifically included an analysis of the proposed issuance of the $2 Billion Connect NC Bond package stating that “Given rapid amortization of outstanding debt (80% of GO and appropriation debt is retired within ten years), debt levels are expected to remain low to moderate even with additional borrowing.” The Connect NC bond package is pending voter approval on March 15, 2016.
Key factors identified by the rating agencies included low to moderate debt levels, well-funded pensions, North Carolina’s diverse economy and prudent financial management practices.
The state is expecting to sell $330 million of General Obligation Refunding Bonds on February 24th.
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