BERKELEY COUNTY, SC (WCSC) - An upgrade in the credit ratings for Berkeley County School District may result in saving millions of dollars for taxpayers.
Standard & Poor's Rating Services recently raised the district's credit program by one level from "AA-" to "AA," while the district's appropriation debt has been raised from "A+ to AA-." The improvement in credit ratings is an indication of Standard & Poor's confidence in Berkeley County School District to honor its fiscal responsibilities and obligations.
An increase in the credit rating leads to a decrease in the interest rate for the district, resulting in increased savings for the taxpayers of Berkeley County.
According to Standard & Poor, the economy of the Berkeley County School District has shown diverse and consistent growth, and has demonstrated a positive performance for increasing revenue while moderating debts.
Brantley Thomas, Chief Finance Officer for Berkeley County School District, said, "This was a team effort between the Berkeley County Board of Education and the school district. The ratings upgrade is a very positive reflection of the school district's commitment to fiscal responsibility and it shows our focus on maintaining good fiscal policy. The upgrades mean huge savings for taxpayers."