Raleigh, N.C. -- State Treasurer Dale R. Folwell, CPA 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 approximately $106 million of General Obligation (GO) Bonds and $300 million in Limited Obligation Bonds (LOB). The GO and LOBs are scheduled to be competitively sold later this month. The bonds are being issued to take advantage of lower interest rates, thus reducing interest costs for taxpayers.
“The transactions refund over $400 million of bonds originally issued to fund important projects around the state including schools, roads and other infrastructure improvements,” said Treasurer Folwell. “Since we are able to take advantage of historically low interest rates and our “AAA” bond ratings, we will save tens of millions of dollars.”
North Carolina is one of only 12 states to earn the “AAA” bond rating by all three rating agencies.
Each of the rating agencies commented on the state’s diverse economic base; history of conservative fiscal management; a commitment to strong reserves as well as managing debt and pension liabilities.
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