Sound financial operations, ongoing population growth among factors in assigning the rating

Beaufort County School District assigned Aa1 credit rating
Posted on 03/26/2020
Aa1 credit rating

March 26, 2020

School district maintains excellent credit
rating, which means lower interest rates

BEAUFORT – Moody’s Investors Service has again assigned the Beaufort County School District an Aa1 credit rating, its second-highest possible score.

Only Greenville County – South Carolina’s largest school district, which is boosted by a business- and industry-heavy tax base – is rated higher than Beaufort County with an Aaa designation.

Moody’s cited the Beaufort County School District’s sound financial operations, ongoing population growth and strong economy as factors in assigning the high rating.  Moody’s said its rating took into account the district’s “currently moderate debt burden that will grow in the coming years” due to the $344 million school bond referendum overwhelmingly approved by county voters in November.

Superintendent Frank Rodriguez said higher credit ratings mean lower interest rates for the district’s school bonds.

“This is yet another piece of independently generated evidence that the Beaufort County School District’s finances are solidly positioned and well managed,” said Superintendent Frank Rodriguez.  “Our firm financial foundation is vital to achieving our primary mission, which is providing a world-class education for every student.”

Moody’s said factors that could challenge the district’s excellent credit rating in future years include financial reserve and liquidity levels that are lower than other districts with similarly high ratings.