Standard & Poor's Ratings Services said it raised its rating on Brunswick County, N.C.'s general obligation debt one notch to AA-plus from AA and its rating on the county's appropriation-backed debt one notch to AA from AA-minus.
The outlook is stable.
The upgrades reflect Standard & Poor's opinion of the county's improved economic factors, particularly unemployment.
The rating service also assigned its AA rating and stable outlook to the county's $10.875 million series 2015A and $4.505 million series 2015B installment-purchase limited obligation bonds.
"We believe the county's economic metrics limit our ability to raise the rating," said Standard & Poor's credit analyst Stephen Doyle. "If budgetary performance were to decrease significantly, leading to a significant decrease in reserves, however, we could lower the rating."
Rental payments made under an installment-financing contract that requires base rental payments equal debt service and additional payments to cover costs to provide for a triple-net lease secure the bonds.
Officials intend to use series 2015A installment-purchase bond proceeds to finance the cost of constructing an addition to North Brunswick High School and a gymnasium and multipurpose building at Waccamaw School.
Officials plan to use series 2015B bond proceeds to refund the county's series 2005 installment-purchase revenue bonds.
