Summary: Wake County, North Carolina; General Obligation Sep 08

Standard & Poors, September 2008

Abstract
Standard & Poor's Ratings Services assigned its 'AAA' rating, and stable outlook, to Wake County, N.C.'s series 2008A and 2008B general obligation (GO) public improvement and refunding bonds and affirmed its 'AAA' rating, with a stable outlook, on the county's existing GO debt. In our opinion, the rating reflects the county's: Strong regional economic base, which includes the state capital of Raleigh, N.C. and its access to the renowned Research Triangle Park; Diverse and growing property tax base, coupled with a property tax rate that is lower than comparable municipalities; Above-average wealth indicators; Strong financial performance and management with consistently healthy general fund reserves; and Manageable debt burden despite a significant capital improvement plan (CIP). The county's full faith and...

Companies mentioned in this report are:
- Wake Cnty

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Wake Cnty

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