Orange County NC Website
State And Local Government Ratings <br />Are Not ~irectl~ constrained By <br />That ~3f The LT.S. Sovereign <br />Primary Credit Analyst <br />Gabriel Petek, CFA, San Francisco (1) 415-371-5042; gabriel_petekC~standardandpoors.com <br />Secondary Contacts: <br />Robin Prunty, New York (1) 212-438-2081; robin_pruntyC~standardandpoors.com <br />Steven J Murphy, New York (1- 212-438-2066; Steve_murphyC~standardandpoors.com <br />Table 4f Contents <br />Ability To Maintain Stronger Credit Characteristics Than The Sovereign <br />In A Stress Scenario <br />A Predictable Institution Framework, Financial Flexibility, And <br />Independent Treasury Management <br />Criteria Support Possibility Of 'AAA' State And Local Government <br />Ratings <br />Related Criteria And Research <br />www.standardandpoors.com/ratingsdirect <br />1 <br />