News Flash Home
The original item was published from 6/2/2021 2:04:17 PM to 7/1/2021 12:00:10 AM.

News Flash

News

Posted on: June 2, 2021

[ARCHIVED] Beaufort has a ‘strong’ credit position, Moody’s says

BEAUFORT, S.C. (June 2, 2021) –  In a just released “Annual Comment” regarding the City of Beaufort’s financial profile, Moody’s Investors Service said that the City’s Aa2 rating reflects a “very strong credit position” and that Moody’s does not see any material credit risk for Beaufort as a result of the coronavirus outbreak.

“Notable credit factors include a robust financial position, healthy tax base and sound wealth and income profile. The rating also reflects a light debt burden,” Moody’s said.

Moody’s noted that the City’s cash balance as a percent of operating revenues (44.8%) is “consistent with the U.S. median.” It also said that the City has a “very strong economy and tax base.”

In defining its ratings, Moody’s says that "Aa" signifies that the fixed income obligation is "judged to be of high quality and are subject to very low credit risk" and 2 places the obligation in the middle of the range of that rating class. Beaufort’s rating is above the median rating of Aa3 for U.S. cities, according to Moody’s. 

“We’re pleased that Moody’s recognizes that Beaufort maintains a strong and prudential financial position,” said Finance Director Kathy Todd. “We do not take on unnecessary debt, and this opinion reflects that.”

Read the report

######

Find us:

facebook.com/CityBeaufortSC
twitter.com/CityBeaufortSC
instagram.com/citybeaufortsc
cityofbeaufort.org

Facebook Twitter Email

Other News in News

What's ahead for January

Posted on: December 21, 2022
Happy Holidays photo

City to close offices for holidays

Posted on: December 19, 2022

City offices to close on Veterans Day

Posted on: November 1, 2022

Pigeon Point boat ramp closed

Posted on: October 1, 2022
IMG_2957

Landing Pad ribbon-cutting set for Oct. 5

Posted on: September 27, 2022

Beaufort Shrimp Festival set for Oct. 7-8

Posted on: September 15, 2022

City offices to close for Labor Day

Posted on: August 30, 2022

City offices closed on July 4

Posted on: June 29, 2022

Council appoints new board members

Posted on: June 27, 2022

Public meetings week of June 13

Posted on: June 10, 2022

A Taste of Beaufort set for May 6-7

Posted on: April 25, 2022

City offices to close on Presidents Day

Posted on: February 17, 2022