North Carolina’s local governments have weathered the recession relatively well and their credit quality remains strong, stable and resilient, Standard & Poor’s said in a report.
“About 63% of the state’s local governments have debt ratings of AA-minus or above, compared with 42% for the sector as a whole,” said analyst Andrew Teras. “And 14% of them have AAA ratings, one of the highest ratios of any state.”
“The state’s financial oversight of local governments is a key factor contributing to our view of the strong credit quality of its counties, cities and towns,” he said.
S&P rates general obligation debt of 123 municipalities in North Carolina.