Wake County, NC 2019A-B GO Bonds Assigned 'AAA' Rating; Other Ratings Affirmed


NEW YORK (S&P Global Ratings) Jan. 4, 2019--S&P Global Ratings assigned its 
'AAA' rating to Wake County, N.C.'s series 2019A public improvement general 
obligation (GO) bonds and series 2019B refunding GO bonds. At the same time, 
S&P Global Ratings affirmed its 'AAA' rating on the county's existing GO debt 
and its 'AA+' rating on the county's existing appropriation-backed debt. The 
outlook on all ratings is stable.

"The rating reflects our opinion of Wake County's very strong economy, 
management, budgetary flexibility, and liquidity," said S&P Global Ratings 
credit analyst Kaiti Vartholomaios.

The 2019 bonds constitute GOs of the county, secured by a pledge of its faith 
and credit and taxing power, without limitation as to rate or amount. The 
combined issuance of about $268.7 million will fund various capital projects 
for the county's schools and community college, permanently finance a portion 
of its bond anticipation notes outstanding, and refund its series 2009B bonds 
for savings.

The county's limited-obligation bonds are secured by funds appropriated for 
that purpose by the Board of County Commissioners of the county in its 
discretion. 

Wake County, with an estimated population of 1.1 million, encompasses 864 
square miles in north-central North Carolina, and is the state's second-most 
populous county. It is home to Raleigh, the state capital,

"The stable outlook reflects our opinion that Wake County's very strong 
management practices will enable it to maintain its strong financial 
performance and very strong budgetary flexibility," added Ms. Vartholomaios. 
In addition, we believe the county's very strong and growing local economy 
provides additional rating stability. Therefore, we do not expect to change 
the rating within the two-year outlook period.
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