Moody’s Investors Service has upgraded the rating on the City of Greenville’s General Obligation (GO) debt to Aaa. Additionally, both Standard & Poor’s and Fitch have re-affirmed the City’s AAA rating. As a result, the City is the only municipality in South Carolina to hold the coveted AAA rating - the highest possible rating - from all three of the nationally recognized credit rating organizations. Nationally, Moody’s has 179 cities rated Aaa, representing about 7% of its rated municipalities. The timing of the upgrade positions the City with the strongest credit profile possible as it prepares to issue debt related to new downtown parking facilities.
"City Council’s hard work, year after year, in making smart and strategic investments pays off as Greenville achieves yet another AAA credit rating," said Mayor Knox White. "I’m pleased the rating analysts recognize Greenville’s important contributions to the Upstate’s diverse economy, our vibrant downtown and business district and excellent financial condition.”
“Today’s news of Greenville receiving AAA ratings from all three bond rating agencies is an acknowledgement of the City’s prudent financial management and overall fiscal strength,” added Mayor Pro Tem David Sudduth. “The dividends from these efforts will come back to Greenville taxpayers in the form of reduced borrowing costs, both today and in the years ahead."
According to City Manager John Castile, the achievement is also a resounding statement on the City organization as a whole. “This doesn’t happen by accident,” said Castile. “It is the product of an exceptional staff that is dedicated to the City’s success, and a reflection of the alignment of day-to-day operations with City Council’s vision and goals.”
Moody’s analysts visited Greenville on November 2 to tour the city and obtain information on the City’s finances, economic development activity and quality of life. According to Moody’s, the high quality Aaa rating reflects the City’s long history of strong management, conservative budgetary practices and prudent fiscal policies, as well as its regionally important economy and diverse tax base. Moody’s lists the City’s rating outlook as Stable, citing its expectation that the City’s financial position will remain solid and its tax base will continue a trend of modest growth driven by ongoing development spurred by expanding manufacturing, higher education and medical sectors.
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Contact:
Matt Efird
Budget Administrator
Office of Management & Budget
864-467-4436
