County Bond Rating Upgraded

Press Release, Dorchester County

Standard & Poor's Ratings Services has raised its underlying rating on Dorchester County's general obligation (GO) bonds outstanding one notch to 'AA' from 'AA-', and assigned an 'AA' long-term rating to the County's series 2012 GO bonds. This places the rating on an equal level with the Aa2 rating from Moody’s.  

The rating upgrade reflects Standard and Poor’s opinion that the County has strong economic performance despite the nationwide recession, and has maintenance of very strong available reserve levels. Additional rating factors include:

• Participation in the greater Charleston, S.C. metropolitan area;
• Strong financial performance contributing to healthy general fund reserves; and
• Low and manageable debt burden with limited plans for additional debt 
• Dorchester's below-average debt amortization.  

"I congratulate our County staff, employees and County Council on the outstandingmanagement and commitment to excellent financial principles as evidenced by receiving this Standard and Poor's upgraded bond rating," said Larry Hargett, County Council Chair.

County Administrator Jason Ward said, "I consider the rating upgrade to be a vote of confidence and recognition of County Council’s commitment to maintain a balanced budget and appropriate fund reserves.  This rating will allow the County to borrow funds for essential projects at lower cost, which ultimately saves our taxpayers money."