Moody’s Investors Service has assigned the District an Aa1 rating

District maintains excellent credit rating
Posted on 08/09/2019
A1 on a chalkboard

FOR IMMEDIATE RELEASE
Thursday, August 8, 2019

School district maintains excellent credit
rating, which means low interest rates

BEAUFORT – Moody’s Investors Service has again assigned the Beaufort County School District an Aa1 rating, which means that Beaufort County continues to hold the second-highest rating among South Carolina’s 82 school districts.

Moody’s cited the district’s “prudent fiscal management and effective long-range capital planning” as factors in assigning the high rating.

Only Greenville County – South Carolina’s largest school district, which is boosted by a business- and industry-heavy tax base – is rated higher than Beaufort County with a AAA designation.

In addition to the district’s effective fiscal management and long-range capital planning, Moody’s said the Aa1 rating “reflects the district’s sizeable tax base that benefits from a strong economy and ongoing population growth. The rating also incorporates the district’s moderate debt burden that could grow in the near term due to significant facility needs.”

Superintendent Frank Rodriguez said the Moody’s ratings would mean low interest rates for school bonds and also would serve to boost public confidence and trust in the district’s fiscal management.

“We’re going to continue working hard to ensure that our community trusts us to make the best possible fiscal decisions to support our primary goal – and that is providing a world-class education for every student,” Rodriguez said.

Factors that could challenge Beaufort County’s excellent rating, Moody’s said, were the district’s limited ability to raise revenues due to state law (Act 388), and financial reserve and liquidity levels that are below those of similarly rated school districts.