Richland County earns top credit ratings from Moody’s, S&P Global agencies

Richland County recently earned top ratings from two of the nation’s premier credit rating bureaus, a nod to the County’s sound financial practices and policies.

• Moody’s Ratings assigned its Aaa rating to the County’s proposed $70 million general obligation bonds, which are used to fund capital projects. The bureau assigns the Aaa rating to entities it regards as having the highest quality and lowest credit risk.
• S&P Global assigned its AAA long-term rating to the County’s general obligation bonds and affirmed its AAA long-term rating on the County’s outstanding general obligation debt. An AAA rating points to a high likelihood that the borrower will repay its debt.

The AAA and Aaa ratings, the highest assigned by each agency, are shared by only the nation’s most financially stable governments and signal to investors and taxpayers alike that Richland County is well-managed, fiscally responsible, and well-positioned for long-term success. The ratings also allow the County to access lower borrowing costs, ensuring taxpayer dollars are maximized for public projects and community improvements.

“This accomplishment directly reflects the dedication of our staff and County Council’s commitment to accountability and transparency,” said Jesica Mackey, Richland County Council Chairwoman. “Earning high credit ratings demonstrates that we are making smart financial decisions today while preparing for the future needs of our community.”

­In announcing the news, Moody’s said its Aaa rating reflects the County’s “ample financial position and history of strong budget management,” as well as the “very large and growing local economy” in Richland County. Similarly, S&P Global said the stable outlook for the County’s credit reflects a growing economy and “historically strong financial operations, supported by a comprehensive set of formalized financial policies and practices.”

County Administrator Leonardo Brown celebrated the credit agencies’ positive outlook as a team win for the County as a whole. “These consistently high marks would not be possible without the strategic financial planning and commitment of County Council, the Richland County Finance Office, and the Office of Budget and Strategic Management,” Brown said. “Richland County residents deserve a government that manages resources responsibly, and these ratings are proof that we are meeting that standard.”

With this recognition, Richland County remains part of an elite group of local governments nationwide that hold the top credit rating from both major rating agencies.

About Richland County

The County Government is dedicated to providing exceptional public services through effective planning, proactive leadership, and inclusive governance to ensure that all residents, visitors, and businesses have equitable opportunities and improved quality of life today and in the future.