Treasurer Loftis' Joint Statement With SC House Speaker Bobby Harrell Concerning Maintaining South Carolina's Top-Rated AAA Credit Rating
April 10, 2012
(Columbia, SC) – The major structural reforms included in the House’s Department of Administration (DOA) bill (H. 3066), will greatly change the way our state government operates. This reform bill affects not only the regular day-to-day operations of how our government carries out its business, but also addresses issues that have a major impact on our state’s credit worthiness and how credit rating agencies view South Carolina.
South Carolina is regarded by the credit market as one of only 15 AAA rated states in the nation. Maintaining our state’s fiscal integrity must be a top priority in the ongoing DOA debate. State Treasurer Curtis Loftis has been working closely with lawmakers throughout this debate to help ensure our state’s future financial stability and national reputation are maintained.
House Speaker Bobby Harrell and State Treasurer Curtis Loftis issued this joint statement about the ongoing DOA reform debate, now back before the House, and the pressing need to protect our state’s AAA credit rating:
“As amended, the Senate's version of the DOA bill made changes that creates concern for the credit rating agencies. Those issues need to be addressed to ensure our state’s stellar credit rating and long-term fiscal stability are maintained.
“South Carolina is one of only 15 states with a top-level market AAA credit rating. Because of our state’s commitment to conservative fiscal policies and a strong structure of governance, South Carolina has been able to maintain a stellar financial reputation at a time where many other states have fallen.
“The advantage this rating gives South Carolina is tremendous. A good credit rating saves taxpayers millions of dollars – lowering the cost when borrowing for projects like schools, roads and bridges. We must do everything we can to preserve this highly competitive advantage. We are a fiscally sound and responsible state and we need to make sure that after this restructuring reform is accomplished that is still the case.
“The General Assembly and the State Treasurer’s Office are responsible for the financial health of South Carolina’s state government. That is why our offices are working hand in hand to make sure these reform efforts protect taxpayers and move our state forward.”
CLICK HERE for the Treasurer’s Office analysis of credit rating issues.