NC House Republican Leader Congratulates Nine North Carolina Cities

Small town Apex achieves the coveted Standard and Poor's AAA Bond rating.

June 5, 2009

NC NEWS -- North Carolina House Republican Leader Paul Stam today congratulated nine North Carolina cities, Cary, Chapel Hill, Charlotte, Durham, Greensboro, High Point, Raleigh, Winston-Salem, and Apex for their maintaining of a high standard of fiscal stability, and achieving the Standard and Poor's AAA Bond rating. The Office of the Republican Leader North Carolina House of Representatives, Representative Paul Stam released the following press statement.

During this time of economic turmoil it might be well to recognize those municipal governments which have maintained a high standard of fiscal stability. Bond rating agencies are typically conservative in their scrutiny of local governments and assessing the risk incurred by municipal bond investments. Many local governments are experiencing decreased debt ratings due to the recession.

North Carolina is proud to currently boast of nine municipalities that have achieved the coveted AAA rating by Standard and Poor's: Cary, Chapel Hill, Charlotte, Durham, Greensboro, High Point, Raleigh, Winston-Salem and the most recent recipient of this highest rating -- and by far the smallest -- Apex.

On June 2nd, the S&P 500 announced that the Town of Apex's GO debt rating had been raised to AAA.' The article, entitled, "Apex, NC's Strong Economic Base, History of Healthy Finances Elevate GO Debt Rating to AAA,'" stated that "...the town's strong economic base continues to perform well despite the national recession and has a history of healthy financial operations, supported by good management practices. The outlook is stable."

"Congratulations to each of these NC municipalities and their management for providing their citizens fiscally responsible leadership during these tough economic times. I am proud to have one of the towns in my district join this elite group", said Rep. Paul Stam (R-Wake).

Apex, is a small town with a population of approximately 35,000, and is located in southwestern Wake County NC., and is now recognized worldwide as having the coveted Standard and Poor's AAA Bond Rating Congratulations!