North Carolina has maintained its “AAA” bond rating with all three major national bond rating agencies.
North Carolina is one of just 13 states that have an “AAA” rating with Fitch Ratings, Moody's Investor Services and S&P Global Ratings.
Each group cited the state’s strong economic growth and diversification, conservative fiscal management, rainy day fund and other reserves, and low liabilities.
The ratings were assigned, in part, in preparation for the fourth issuance of $2 billion worth of voter-approved General Obligation Public Improvement (Connect NC) Bonds for capital and infrastructure improvement projects across 17 University of North Carolina campuses and for other state projects.
The prior three issuances from 2016, 2018 and 2019 totaled $1.2 billion. This fourth issuance will be for $400 million and is expected to be offered on Oct. 8.
“Maintaining our AAA rating will help us finance debt at the lowest possible rates, making more money available for public education, public roads and the other core functions of government," state Treasurer Dale Folwell said.
The business news you need
With a weekly newsletter looking back at local history.