Moody's Ratings has reaffirmed South Carolina's top-tier credit rating, which state officials say helps lower borrowing costs for public projects.
Based on a release from S.C. State Treasurer.
Moody’s Ratings has reaffirmed South Carolina’s Aaa credit rating, the highest rating awarded by the agency, according to the State Treasurer’s Office.
The reaffirmation recognizes the state’s strong financial position and disciplined fiscal management, and it helps keep borrowing costs low for public projects across the state, according to the office.
“South Carolinians expect their tax dollars to be managed wisely, and this rating shows our state continues to meet that expectation,” State Treasurer Curtis Loftis said. “Our taxpayers benefit when we earn the highest possible credit rating. The state can borrow at lower interest rates, saving money that can be reinvested in the roads, schools, bridges, and other services our communities rely on.”
In its statement, Moody’s cited South Carolina’s strong financial position and disciplined approach to budgeting, according to the State Treasurer’s Office. “The stable outlook reflects South Carolina’s strong financial position, including its purposeful efforts to build reserves and budget conservatively, sustaining financial flexibility through potential periods of uncertainty,” Moody’s said.
Loftis said the rating reflects cooperation across state government. “This rating reflects what can be accomplished when state leaders work together,” he said. “The General Assembly’s commitment to conservative budgeting, combined with the State Treasurer’s Office’s focus on responsible debt management and financial stewardship, has helped keep South Carolina among the nation’s strongest financially.”
The State Treasurer’s Office Debt Management Division oversees borrowing for the state, its agencies and certain authorities, according to the office. The division works to manage the state’s debt, maintain the confidence of investors and rating agencies, and secure favorable borrowing terms for taxpayers, the office said.
“Strong credit ratings are earned over time through discipline, transparency, and sound financial management,” Loftis said. “I’m proud of the dedicated professionals in the State Treasurer’s Office who work every day to protect South Carolina’s financial reputation and help ensure taxpayer dollars go further.”
