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Summary:Lee County, North Carolina;Appropriations; General Obligation total pension liability of 160%.The county's proportionate share of RODSPF assets was$107,416. The Law Enforcement Officers'Special Separation Allowance is a single-employer,defined-benefit pension plan that provides benefits to qualified law enforcement officers. Lee County funds this plan on a pay-as-you-go basis from the general fund. In fiscal 2017,the county contributed$47,068 to the plan with an unfunded liability of$1.16 million. Lee County also participates in a supplemental retirement income plan for law enforcement officers.The supplemental retirement income plan is a defined-contribution plan offered to law enforcement officers in addition to their pension plan. In fiscal 2017,the county contributed$151,991 to this plan. The county provides OPEB through a single-employer,defined-benefit plan. Lee County funds the health care benefits plan on a pay-as-you-go basis,and the county board of commissioners has the authority to amend the plan.The county's OPEB cost in fiscal 2017 was$476,378 with an unfunded liability of$19.2 million. Very strong institutional framework The institutional framework score for North Carolina counties is very strong. Outlook The stable outlook reflects S&P Global Ratings'opinion that Lee County will continue to maintain its strong financial performance and very strong reserves. In addition,we believe the county's strong management and growing local economy provide additional rating stability.Therefore,we do not expect to change the rating within the two-year outlook period. Upside scenario With all other rating factors remaining stable,if economic indicators were to show sustained improvement to levels we consider commensurate with the county's higher-rated peers,we could raise the rating. Downside scenario If budgetary performance were to deteriorate,leading to significant reductions in reserves,we could lower the rating. Related Research • S&P Public Finance Local GO Criteria:How We Adjust Data For Analytic Consistency,Sept. 12, 2013 • Incorporating GASB 67 And 68: Evaluating Pension/OPEB Obligations Under Standard&Poor's U.S.Local Government GO Criteria,Sept. 2, 2015 • Alternative Financing: Disclosure Is Critical To Credit Analysis In Public Finance,Feb. 18, 2014 • 2017 Update Of Institutional Framework For U.S. Local Governments Certain terms used in this report,particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria,and should therefore be read in conjunction with such criteria. WWW.STANDARDANDPOORS.COM/RATINGSDIRECT APRIL 6,2018 6