Standard and Poor’s Upgrades Dorchester County Water and Sewer Bond Rating
March 16, 2012
ST. GEORGE, SC – March 13, 2012 Standard & Poor’s Rating Services has upgraded the County’s waterworks and sewer system revenue bond rating one notch from ‘A+’ to ‘AA-‘.
The increased rating is based on the following credit strengths:
- A stable service area economy that demonstrates good income levels and below-average unemployment, benefitting from its participation in the greater Charleston metropolitan statistical area;
- Sound system operations with ample water supply availability and capacity to accommodate future growth;
- Management’s demonstrated willingness to adjust rates that remain affordable and competitive with surrounding systems; and
- Manageable capital requirements with minimal additional borrowing.
County Council adopted a water and sewer bond refinancing ordinance to take advantage of lower interest rates.
The rating increase is important because the County will not be required to obtain bond insurance and will not be required to fund a reserve fund.
“I am very pleased that our rating has improved because it will result in significant savings,” said Jason Ward, County Administrator.
Standard and Poor’s report also noted the affordability of service based on area income and competition with surrounding systems and the system’s financial health.
