Standard & Poor’s has raised the issuer credit rating on Anderson County School District No. 5 to A-plus from A and assigned a stable outlook.
The agency also affirmed the AA rating on the district’s existing general obligation debt and assigned the ratings to the district’s Series 2008 GOs as well as outstanding GOs from 2007.
“The upgrade is based on the district’s local economy, which continues to diversify, as well as its continued maintenance of a good financial profile,” according to analyst Jesse Brady.
The AA long-term rating reflects the security provided by a state intercept program, and is based on a statute that requires the South Carolina treasurer to provide for the payment of school district debt service upon notification of a potential default, Brady said in the report.
The analyst added that the district’s financial position is adequate and it has a low overall debt burden with slow principal amortization on bonds.
