Moody’s Investors Service has upgraded the rating on the City of Greenville’s General Obligation debt to Aaa, the city announced last week. Additionally, both Standard & Poor’s and Fitch have re-affirmed the City’s triple-A rating. As a result, the city is the only municipality in South Carolina to hold the highest possible rating from all three of the nationally recognized credit rating organizations, city officials said in a statement.
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, according to the statement.
“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 in the statement. “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.”
“This doesn’t happen by accident,” said City Manager John 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 Nov. 2 to tour the city and obtain information on the city’s finances, economic development activity and quality of life, officials said in the statement. 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, said the statement.