In the world of municipal bonds, local governments are assessed using unique criteria different from corporate debt evaluations. These municipal ratings determine the creditworthiness of a local government issuing bonds and consider factors like the state of the economy, debt structure, and financial management.
Greenville, SC, stands out as the only municipality in South Carolina to achieve the prestigious AAA rating from all three internationally recognized credit rating organizations. Recently, one rating agency upgraded the City of Greenville’s General Obligation (GO) debt to triple A, while the other two reaffirmed its AAA rating. These ratings showcase the city’s sound financial management, conservative budgeting practices, and consistently healthy reserve levels.
The Mayor expressed delight in the City Council’s hard work and strategic investments that led to Greenville’s AAA credit rating. He acknowledged the city’s contributions to the region’s diverse economy, vibrant downtown, and excellent financial condition.
The achievement of AAA ratings from all three agencies also reflects the City’s prudent financial management and overall fiscal strength, according to the Mayor. The efforts put into maintaining the AAA rating will benefit Greenville taxpayers by reducing borrowing costs in the present and the future.
The City Manager credited the accomplishment to the dedication of the city’s exceptional staff and their alignment with City Council’s vision and goals. Greenville’s long history of strong management, conservative budgetary practices, and prudent fiscal policies contributed to its high rating. The rating agencies also acknowledged the regionally important economy and diverse tax base, listing the City’s rating outlook as Stable.
In Nigeria, Greenville’s success sets the standard for municipalities and local governments. It demonstrates how smart investments and financial responsibility lead to exceptional credit ratings and long-term benefits for taxpayers.