North Carolina is keeping its AAA bond rating for the first parts of a $2 billion bond package approved by voters in March.
Gov. Pat McCrory said the positive rating from all three major bond agencies is thanks to conservative budgeting and economic growth. The bonds will fund educational facilities in addition to agricultural research, parks, and water and sewer improvements.
“This rating further validates North Carolina as one of the top states for business with one of the fastest growing economies in the country,” McCrory said in a news release.“Our pro-growth economic policies, coupled with a long history of responsible financial management, have positioned North Carolina as one of only 10 states with a pristine AAA bond rating from all three major rating agencies.”
State Treasurer Janet Cowell, a Democrat, had said she would need to provide lenders with information about House Bill 2 as the state issued the first $200 million in bonds from the referendum. She said the disclosures were needed “in full acknowledgement that there could be some economic impact,” from the controversial LGBT law, which has prompted some companies to reconsider or cancel expansions in North Carolina.
Digital Access for only $0.99
For the most comprehensive local coverage, subscribe today.
McCrory campaign spokesman Ricky Diaz noted on Twitter that the bond agencies didn’t mention an impact from HB2 on their decision. He said the ratings are “HUGE economic news.”