North Charleston’s general obligation bond rating was raised last week by Standard & Poor’s to AA from AA-minus.
The agency also raised the city’s appropriation-backed debt to AA-minus from A-plus.
The city benefits from being in the Charleston metropolitan statistical area, according to Standard & Poor’s. The city has also gained from having steady growth and development with a diversifying local employment base, a strong financial position due to a trend of solid operating surpluses that have allowed reserves to grow, and a moderate debt burden.
One of the constraints working against North Charleston’s credit rating is its below-average wealth and income levels, according to Standard & Poor’s analysts.
The city is planning to go to market with $43 million of certificates of participation by the fall.
