Standard & Poor’s last week upgraded Greenville’s general obligation bond rating to AAA from AA-plus. The agency also raised the city’s limited obligation bond rating to AA from AA-minus. The outlook is stable.
The upgrades reflect the city’s continued economic development, solid financial operations, and strong reserve levels, according to analyst Nicole Ridberg.
“The stable outlook reflects Standard & Poor’s assessment of the city’s consistently strong financial position throughout the recession,” Ridberg said. “We expect the city’s capable management team will continue to maintain balanced operations and solid reserves in line with its formal fund balance policy.”
The city’s growing economy, sizable tax base, and good income levels are also stabilizing factors, she said.
Greenville also has a sizable tax base with good wealth and income indicators as well as a moderate debt burden with limited future capital needs, Ridberg said.