TITLE

South Carolina School District Enjoys Moody's Upgrade Ahead of $8M Sale

AUTHOR(S)
DeSue, Tedra
PUB. DATE
December 2004
SOURCE
Bond Buyer;12/16/2004, Vol. 350 Issue 32031, p29
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article gives information about Richland County, South Carolina, School District No. 2, which has prepared to sell almost $8 million of general obligation bonds today. As the school gets ready to sell bonds, Moody's Investors Service Inc. has raised the underlying rating it assigns the credit to Aa3 from Al. Tuesday's upgrade reflects the district's ongoing steady tax base growth, stable financial operations despite midyear cuts in state aid over the past three years and a moderate but growing debt position. A negative outlook was assigned, however, based on the additional security provided by the South Carolina school district credit enhancement program. It is designed to ensure timely debt service payments through state appropriations. Because the program relies on state appropriations, Moody's analysts say it has a negative outlook as does the state.
ACCESSION #
15385978

 

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