RALEIGH — All three major bond rating agencies — Moody’s Investor Services, Standard and Poor’s and Fitch Ratings — have assigned an AAA bond rating, the highest rating possible, to North Carolina’s first issuance of the $2 billion Connect NC bond. Approved overwhelmingly by two-thirds of North Carolina voters in March, the Connect NC bond will provide much needed statewide investments in education, parks, agriculture, the National Guard and water and sewer infrastructure.
“This rating further validates North Carolina as one of the top states for business with one of the fastest growing economies in the country,” said Governor McCrory. “Our pro-growth economic policies, coupled with a long history of responsible financial management, have positioned North Carolina as one of only ten states with a pristine AAA bond rating from all three major rating agencies.”
Rating agencies attribute the strong bond rating to North Carolina’s continued and diverse economic expansion, ample reserves and long history of conservative financial management.
North Carolina has one of the fastest growing economies in the nation. Since 2013, unemployment is down in all 100 counties and the private sector has added more than 275,000 jobs.
At one time, the state’s savings reserve account, also known as the rainy day fund, had been depleted to $419 million, or 2.2 percent of the budget. Recently, the rainy day fund has been restored to an all-time-high of more than $1.6 billion, or nearly 7 percent.
The Connect NC bonds are expected to sell by the end of July.