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Cabarrus County Development Corp., North Carolina <br />Primary Credit Analysts: <br />Harold Burger <br />New York <br />(11212-438-7983 <br />harold_burgerQ <br />sta ndardandpoors.com <br />Secondary Credit Analysts: <br />Richard J Marino <br />New York <br />I1~212-438-2058 <br />richard marinoQ <br />sta ndardandpoors.com <br />., . <br />US$32.83 mil certs of part ICabarrus Cnty) ser 2007 due 02/01/2027 <br />Long Term Rating <br />AA-/Stable <br />New <br />Cabarrus Cnry GO <br />Long Term Rating AA/Stable Affirmed <br />Cabarrus Cnty certs of part ser 2001 2002 2003 <br />Long Term Rating AA-/Stahle Affirmed <br />Cabarrus Cnty certs of part ser 2003 dtd 07/15/2003 due OZ/Ot/2007-2022 2024 <br />Unenhanced Rating AA-ISPURI/Stable Affirmed <br />Cabarrus Cnty Dev Corp. North Carolina <br />Cabarrus Cnty, Nonh Carolina <br />Cabarrus Cnty Dev Corp ICabarrus Cnty) tens of pan ser 1999 <br />Unenhanced Rating AA-ISPURI/Stable Affirmed <br />Rationale <br />The `AA--` rating on Cabarrus County Development Corp.'s series 2007 certificates of participation <br />(COPS), which are issued on behalf of, and supported by, Cabarrus County, reflects the: <br />• `AA' rated general creditworthiness ofthe lessee, Cabarrus County; and <br />RatingsDirect Security provided by the installment fmancing contract, with installment payments subject to annual <br />Publication Date appropriations made by the county. <br />Jan. 24, 2007 The `AA' rating on Cabarrus County's GO debt reflects the county's: <br />~~ I <br />