Mount Pleasant - The bond credit rating agency Standard & Poor's has upgraded the town's general obligation bond rating to AAA, its highest possible rating.
Only two other cities in South Carolina - Charleston and Greenville - hold the S&P's AAA rating.
Meanwhile, town officials said they think the municipality has a very good chance of being upgraded in the coming weeks by the other major credit rating agency, Moody's Investors Service, to its highest rating as well. Moody's now rates the town at Aa1, one step below the top rating. However, it recently raised its outlook for the town from "stable" to "positive."
These ratings express a credit rating agency's opinions about a municipality's ability to meet its financial obligations. The AAA rating, upgraded from AA+, expresses an extremely strong capacity to meet financial commitments.
"This more than good news. It is great news," the town's Finance Committee Chairman Chris O'Neal said.
Mayor Linda Page said the upgrade puts the town in an "elite" financial class.
The news came as Mount Pleasant issued $25 million in 2014 bonds, mostly to fund a new town hall project and for a Sweetgrass Parkway extension. The boost in ratings will save the town at least $110,000 in interest over the debt's 15-year life, said Charles Potts, the town's chief financial officer.
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