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City of Rock Hill Maintains Excellent Credit Rating

Post Date:10/30/2017 4:44 PM
Following an annual review, Moody's Investors Service affirmed the Aa3 general obligation and A1 hospitality fee bond ratings for the City of Rock Hill.  The rating measures risk and quality of bonds, based on the City’s financial stability. Higher ratings result in lowered borrowing costs, and national recognition of the City’s solid financial structure. Moody’s indicates the City’s credit strengths as, “Sizeable tax base benefitting from proximity to Charlotte, NC and strong underlying growth in hospitality fee revenues driven by sports tourism.”

Moody’s assigns ratings according to letter designations, with numeric sub-groups. Moody’s scale from highest to lowest rated is Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C. According to Moody’s, “Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.”

The City’s effort to improve the financial condition of the government began with the first Strategic Plan developed by the City Council in 2003.  The plan included a specific goal dedicated to the City's financial condition.  Since then, the City government has made significant financial progress reducing the general fund dependence on the utility system, and developing formal policies that guide the City's financial decisions.

Mayor Doug Echols commented, “This rating confirmation says a lot about the work of City Council and staff. I’m proud to say the Moody’s report characterizes our debt as moderate, with strong financial operations. It remains a goal to continue building our fund balances while moving forward with important infrastructure investments to support business and job growth.”

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