Posted: Tuesday, September 10, 2013
GCS Maintains Highest Credit Rating of SC School Districts
Greenville County Schools has maintained the highest credit ratings for South Carolina school districts based on statements recently released by Standard and Poor's and Moody's rating agencies.
Greenville County Schools is the only school district in South Carolina with an AA+ credit rating from Standard and Poor's. The rating was initially awarded in 2008 and has been maintained each year. The local school district is one of two South Carolina districts to receive an Aa1 rating from Moody's.
A higher credit rating for the school district, much like a person's own credit rating, results in lower interest costs when borrowing money. The result for taxpayers is lower interest costs for bonds sold to finance the district's long-range school construction program and other school building needs.
The Moody's report notes the district's long-term satisfactory financial position, sound fund balance bolstered by formal fiscal policies, and diverse and large tax base that serves as the region's economic and employment hub.The Standard and Poor's rating report notes the district's historically strong financial position and sound fiscal performance, strong local economy, and sizeable and diverse property tax base.