Tega Cay, S.C., Upgraded to Aa3 by Moody's

Moody's Investors Service said it has assigned a Aa3 rating to the city of Tega Cay, S.C.'s $7.6 million general obligation refunding bonds, Series 2013, and upgraded to Aa3 from A1 the rating on previously rated general obligation debt.

The general obligation bonds are secured by the city's unlimited ad valorem tax pledge.

The Aa3 rating reflects the city's growing and wealthy tax base, a recently improved financial position, and an above average but manageable debt burden. Proceeds of the Series 2013 bonds will refund the Series 2005, 2006, 2008 and 2009 bonds for an estimated net present value savings of $433,460 or approximately 6.5%.

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