CHARLESTON, SC (WCSC) - The city of Charleston is among the most financially sound cities in the nation, according to a pair of recent reports by two of the world's leading bond ratings agencies, Standard and Poor's and Moody's.
In each case, the city's general obligation bonds received the highest possible rating; an "AAA from Standard and Poor's, and an "Aaa from Moody's.
"As a businessman and former economic development director for the city, it was very important to me to maintain and, where possible, even improve Charleston's strong fiscal position when I became mayor," Charleston Mayor John Tecklenburg said in response to the news. "And thanks to the hard work of many people, including members of City Council and our Chief Financial Officer, Amy Wharton, we've been able to do just that."
Released separately on Sept 29, both reports cited Charleston's strict fiscal controls, responsible budgeting and prudent financial management, as well as a rapidly growing local economy, as reasons for the rankings.
"Through conservative budgeting and proactive reductions in expenditures, management has maintained sound reserve levels," Moody's says. "Commitment to fiscal health is further seen by the city's improved liquidity position and strong financial policies."
"We view the city's management as strong, with good financial policies and practices," declares Standard and Poor's. "We do not expect to change the rating within the two-year outlook period."