Richland Two Maintains Stellar Credit Rating
June 11, 2014
COLUMBIA, SC – Citing a history of “strong finances, characterized by conservative budgeting and consistently strong general fund balance reserves,” Fitch Ratings, Standard & Poor’s Rating Services and Moody’s Investor Services have affirmed Richland Two’s stellar AA bond rating.
The report from Fitch notes “the district has achieved surplus operating results every fiscal year since 2003 as a result of its strong fiscal stewardship, which is the hallmark of this credit.”
Chief Financial Officer Harry Miley says the district’s close proximity to the City of Columbia, the stable economy in the Midlands, and its significant military and institutional presence were noted as strengths in all of the reports.
“Richland Two is fortunate to have such a good credit rating with these three agencies. Our school board and administration continue to work well together to keep the district financially healthy,” said Miley.
As a result of the AA rating, Richland Two does not have to carry bond insurance and gets better interest rates on projects. This saves taxpayers millions of dollars over the life of bonds the district sells to fund capital projects.
