Local Tech Wire

KANNAPOLIS, N.C. – Local officials and the played host to representatives from Standard and Poor’s on Tuesday in hopes of securing a financial rating for a

"It is critically important to secure a rating for these bonds," Kannapolis City Manager Mike Legg told WBTV in Charlotte. Legg added. "Without the rating the interest rate is too high to issue the bonds, with the rating it is probably in the range we can afford and make it happen."

The so-called would be used for various projects at the biotech research campus being built by billionaire David Murdock.

A decision from S&P is expected in about two weeks, Legg said.

“We need a triple-B or better (rating),“ Legg told the Salisbury Post. ”Anything less than that, and we’ll be in the same boat.”

The bond issue has been put off due to the slumping economy,

The newspaper noted that S&P’s website says a triple-B rating shows an investment with “adequate capacity to meet financial commitments, but more subject to adverse economic conditions.”

Single-A, double-A and Triple-A ratings are the highest.

The state of North Carolina has thrown its support behind the Kannapolis bond project.

For the WBTV report,

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