For the second time in less than a week, North Carolina’s Triple-A issuer rating has been reaffirmed. State Treasurer Brad Briner announced today that Moody’s Ratings has joined S&P Global in giving North Carolina its highest rating (Aaa) on its outstanding general obligation bonds.
In its rating release, Moody’s noted that North Carolina’s financial position remains a central credit strength. The state’s available fund balance ranks fourth among the 18 states with an Aaa rating from Moody’s. The ratings agency said: “The combination of organic revenue growth, large accumulated reserves and low fixed costs give the state substantial capacity to absorb temporary revenue weakness or expenditure overruns without impairing core services.”
“North Carolina is consistently recognized for its excellence in fiscal management,” said Treasurer Briner. “Getting an Aaa bond rating may sound like a financial mark meant for experts, but it matters to every North Carolinian. It reflects confidence in how we manage public money and can help the state borrow at lower interest costs. That means more of our tax dollars can go toward the schools, roads and other priorities that support our communities.”
The State and Local Government Finance Division within the Department of State Treasurer manages the sale, monitoring and reporting of state debt. It also reviews local government debt proposals and oversees the sale and repayment of local debt. More information can be found at www.nctreasurer.gov/slg.