Standard & Poor's Upgrades
Berkeley County’s Rating

Berkeley County officials announced today that Standard & Poor’s has upgraded the County’s rating from AA- to AA/Stable. Moody’s noted an improvement from Aa2/negative outlook to Aa2.

According to Standard & Poor’s Global Credit Portal, the new rating reflects the agencies view of Berkeley County’s:

• Continued economic growth, benefiting from its participation in the Charleston-North Charleston core-based statistical area;
• Healthy financial performance in the past two years that has increased the general fund balance to very strong levels; and
• Favorable overall debt position that remains low with limited future capital needs.

The upgraded Standard & Poor’s rating affords Berkeley County the opportunity to pursue funding and bonds for future projects at reduced interest rates, potentially saving the County and taxpayers thousands of dollars each year. Such ratings are also indicators of stability and a crucial assessment component for new industry considering re-locating or establishing business in an area.

“This is a significant accomplishment, especially during strained economic times,” says Berkeley County Supervisor Dan Davis, “It shows we are continuing to move in the right direction. I am very proud of Berkeley County staff who ensure we are wisely utilizing taxpayer funds. Their hard work and our recent upgrade continues to exemplify fiscal responsibility at its finest.”

Berkeley County also released its annual audit and presented findings to Berkeley County Council last Monday. The audit was conducted by Greene, Finney & Horton (GFH), the same independent auditing firm which performs audits for numerous counties, school districts and other governmental entities throughout South Carolina. GFH gave Berkeley County the best possible “report card” it could receive, specifically noting good management of finances in light of the current economy.

• Moody's Rating Report
• Standard & Poor's Rating Report

About Berkeley County

Berkeley County, South Carolina is one of the fastest growing areas in the Southeast. Berkeley is a dynamic and progressive county with an extraordinary quality of life enjoyed by visitors and residents alike. World-renowned companies such as Google and DuPont have chosen to expand their operations into Berkeley County. For more information contact Chip Boling at (843) 719-4006 or cboling@berkeleycountysc.gov.