Moody’s Investors Service upgraded the town of Clover, S.C.’s rating to Baa1 from Baa2, affecting $430,000 in outstanding rated general obligation debt.
The bonds are secured by the town’s general obligation unlimited-tax pledge. The upgrade reflects the town’s healthy financial position with strong reserve levels. The Baa1 rating also incorporates Clover’s limited tax base and low debt burden.
Moody’s expects the town’s trend of healthy financial operations to continue given management’s conservative budgeting practices as reflected in its solid reserve levels.
