Three major credit rating agencies have reaffirmed South Carolina’s high bond ratings, S.C. Treasurer Curtis Loftis announced.
Moody’s Investment Services and Fitch Ratings reaffirmed the state’s AAA rating, while S&P Global Ratings reaffirmed South Carolina’s AA Plus rating (AA+). The state is one of 14 rated in the top category by Moody’s, according to a news release from the treasurer’s office.
“I am pleased that South Carolina was able to maintain our strong credit ratings, which reflects the conservative financial nature of our state,” Loftis said in the release. “Low unemployment, continued economic growth and building our state’s cash reserves since the 2008 recession have all contributed to improving the state’s economy, and these strong credit ratings allow us to borrow money less expensively.”
The bond ratings were issued for last week’s bond sale of $5.635 million General Obligation State Institution Bonds to construct and equip a student fitness and wellness center at Clemson University, as well as for $4.290 million General Obligation State Institution Refunding Bonds on behalf of the University of South Carolina.
The refunding of USC’s State Institution Bonds was the result of a biannual review by the treasurer’s office to identify refunding savings opportunities, according to the release. The treasurer’s office said a competitive rate market is saving the university more than $600,000 in debt service payments.
The treasurer’s office is responsible for managing the borrowings of the state, its agencies and certain authorities through its Debt Management Division.