State Treasurer Brad Briner announced today Moody's Ratings has affirmed its 'AAA' issuer rating, the AAA ratings on its outstanding general obligation bonds, the Aa1 ratings on its outstanding appropriation bonds, and the Aa3 ratings on its outstanding GARVEEs.

Moody's also assigned a Aa1 rating to the State of North Carolina's upcoming Limited Obligation (Build NC) Bonds, Series 2025 with a proposed par amount of $300 million, and a Aa3 rating to its upcoming Grant Anticipation Revenue Vehicle Bonds and Refunding Bonds, Series 2025 with a proposed par amount of $475 million. Both of these bonds are for transportation projects throughout the state.

In its rating release , Moody's said, "The stable outlook anticipates that economic outperformance and good governance will assure that North Carolina retains a very strong financial position with low leverage."

Moody's noted in its AAA rating that North Carolina has a very low leverage (11^th lowest of any state) and the state's financial position remains very strong with $25 billion in reserves.

The rating did note North Carolina's history of late budgets, a long-running campaign of tax cuts that could reduce revenues in future years, and above-average exposure to climate risk. But said, "In spite of these, North Carolina is one of the strongest states according to nearly every measure."

"North Carolina has a long history of conservative fiscal oversight," said Treasurer Briner. "Even with the challenges from Hurricane Helene, economists recognize the state, through solid legislative leadership, was able to maintain a strong Rainy Day Fund and with a budget surplus."

As of 2024, only 14 states have AAA bond ratings.

The N.C. Department of State Treasurer's State and Local Government Finance Division manages the sale and delivery of all state and local debt and monitors the repayment of state and local government debt. More information can be found at http://www.nctreasurer.com/slg

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