Richland County receives top credit ratings

Richland County taxpayers will save money on future building and construction projects after two national credit rating firms gave the County top marks for smart financial practices and policies.

The County’s “AAA” and “Aaa” credit ratings – the highest possible — from Standard and Poor’s Global Rating Services and Moody’s Investors Service, respectively, makes Richland County the third county in the state to achieve this status, joining Charleston and Greenville. The County was informed of the ratings this week.

“The top credit ratings are a result of sound fiscal management – efforts that can position the County to grow the local economy and prepare the community for long-term financial success,” said Gerald Seals, interim County Administrator.

The bond ratings will help Richland County save money because it will be cheaper to finance debt obligations. That means the County can invest more in preserving financial assets and new projects – in effect, making taxpayers dollars stretch further. Proceeds from bonds are used to fund various capital projects, such as new libraries.

In assigning its AAA long-term rating to Richland County, S&P said the County “can maintain better credit characteristics than the U.S.” Moody’s said its Aaa rating reflects the County’s “sizeable tax base that serves as a major economic hub” in the state.

“Richland County taxpayers have good reason to be excited about this news,” Seals said. “The ratings reflect a County that is doing very well managerially and financially.”