NEW YORK - Moody's Investors Service said it has upgraded to Aa1 from Aa2 the town of Mount Pleasant, S.C.'s $38.4 million outstanding general obligation bonds. The bonds are secured by the town's unlimited ad valorem tax pledge.
The rating upgrade reflects the town's large tax base which is expected to continue to experience steady growth driven by residential and commercial development, sound financial position with notable increases in reserves, and manageable debt burden with rapid amortization of principal. The rating also considers the town's commitment to maintaining healthy operations given the implementation of a formalized fund balance policy.
