NEW YORK - Moody's Investors Service has upgraded to A1 from A2 the issuer rating of South Carolina State Housing Finance and Development Authority. No debt will be affected by the rating action as SC SHF&DA does not have any debt that is backed by the general obligation of the Issuer. The outlook on the authority is stable.
The upgrade of SC SHF&DA's Issuer rating or general obligation pledge to A1 is based on its consistently strong financial performance as demonstrated by program asset-to-debt levels ("PADR") of above 1.35x over the last three years. The authority currently has no general obligation debt outstanding but has pledged its financial resources to make up for any losses on investments which its single-family indentures have made with the unrated state treasurer's fund.