CHARLESTON, S.C. (WCIV) -- Moody's Corporation upgraded the Charleston County School District's credit rating to AA2 following the district's improved reserve levels and financial management.
The increase in credit rating is a reflection of Moody's expectation that CCSD's financial situation will stay strong as the district showed it could absorb an increase in enrollment and services and still raise its reserve funds without a tax increase.
"I am extremely proud of the top notch fiscal management delivered by our Chief Financial Officer, Mr. Michael Bobby and his entire team over the past several years. I also applaud the support of our school board and the business community, both of whom have helped us adhere to a fiscally responsible blueprint," said Superintendent Dr. Nancy J. McGinley.
"The fiscal responsibility required difficult decisions over the past several years, and I am happy that the academic team remained diligent and focused and established substantial improvements during this period of enhanced fiscal responsibility."
Bobby hailed the decision by Moody's as a sign that the district is headed in the right direction, and it will ultimately help taxpayers.
"There are a few districts in the state that have achieved this rating. This is a sign to the many people we serve and our tax payers that CCSD is performing at a high level, both financially and academically. The improved rating will save tax payer dollars that would have normally been spent on interest," he said.