BERKELEY COUNTY, S.C. – Berkeley County Supervisor Bill Peagler announced today that top credit-rating agency Standard and Poor’s has raised the bond ratings for the county’s utility bonds to ‘AA,’ up from ‘AA-.’
The ‘AA’ rating is only two upgrades away from the highest rating of ‘AAA.’
The announced upgrades are for the long-term ratings of the Berkeley County combined utility system revenue bonds and the Berkeley County’s water and sewer revenue bonds.
In issuing the upgrades, Standard and Poor’s stated the upgrade reflects their “view of the county’s stronger financial performance trend, which has resulted in stronger total debt service coverage and a strong liquidity position.” They continued, “the stable outlook reflects our expectation that the system will sustain its healthy financial profile.”
In the upgrade, Standard and Poor’s also highlighted Volvo’s opening of its first U.S.-based manufacturing plant in Berkeley County, which will serve as a large water and sewer customer for the county.
“We are honored to receive the rating upgrades from Standard and Poor’s,” said Supervisor Peagler. “It is a testament to the incredible momentum we have in Berkeley County, our significant economic development growth this year and the strong, conservative financial approach county government takes.”
While it is not expected within the next two years, Standard and Poor’s did state that they could raise the rating should there be a trend of sustainably stronger financials.
The full Standard and Poor’s report is attached here.
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