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S&P Global Assigns and Affirms City of Rock Hill Excellent Credit Ratings

Post Date:10/02/2018 11:20 AM
S&P Global Ratings has affirmed its “AA-” long-term rating, with a stable outlook, on the City’s general obligation (GO) debt. S&P Global Ratings assigned its 'A+' rating and stable outlook to the City of Rock Hill, S.C.'s series 2018A and 2018B installment purchase revenue bonds, issued by the University Center Facilities Corp. V and affirmed its ‘A+’ rating on the city’s existing lease appropriation bonds issued by South Carolina Jobs Economic Development Authority (JEDA).

The stable outlook reflects S&P Global Ratings' opinion of the city's strong management and strong financial performance. The ratings measure 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. S&P ratings use multiple letters, and pluses or minuses, to indicate strength. The best is “AAA,” and the worst is “D,” creating 17 ratings even though it only uses four letters. Rock Hill’s ratings are classified as very strong (AA-) and strong (A+).

The series 2018 bonds will finance the costs and acquisition of an approximately 770-car parking garage and acquisition of ancillary facilities adjacent to the Rock Hill Sports and Event Center, an approximately 140,000-square-foot indoor center under construction in the new mixed-use development of University Center.  

Mayor John Gettys commented, “This credit rating affirms our strong finances, and is another important step forward in the public investment within University Center and Knowledge Park.”

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