Moody's Reaffirms Stable Aaa Credit Outlook for South Carolina
December 7, 2011
(Columbia, SC) - This afternoon Moody’s Investors Service has restored South Carolina’s Aaa credit outlook into the “stable” category.
State Treasurer Curtis Loftis learned of the announcement after meeting with Moody’s officials during a series of meetings with the credit rating agencies and investment banks in New York City.
“South Carolina has a long tradition of stable and conservative investment strategies and it is a testament to our Aaa credit that the stable outlook has been restored to our state,” Treasurer Loftis said. “We strongly value our professional relationships with the credit rating firms and to be able to show them the state’s financial situation in a transparent manner has been key to this process.”
Moody’s issued a review for downgrade for five Aaa states on July 19, 2011 during the height of the federal credit rating debate in Washington, D. C. At the time, Moody’s had concerns about those five states, including South Carolina, being affected by adverse credit of the federal government. CLICK HERE to view Moody’s July 19 release.
The restoration of stable Aaa credit comes following Moody’s review of South Carolina’s debt and spending. The Treasurer’s Office staff worked with Moody’s to identify all issues associated with the Aaa rating.
By maintaining Aaa credit, the cost of borrowing money is significantly lower than if South Carolina had a lesser credit rating. Treasurer Loftis is committed to sound financial strategies that give taxpayers the most benefit by seeking the lowest borrowing costs possible.
CLICK HERE to view today’s release from Moody’s.
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