North Charleston's bond rating upgraded

Solid budget surpluses and a diversified economy boosted North Charleston's rating for borrowing money, city officials announced Friday.

Standard & Poor's Rating Services raised its standard long-term rating and underlying rating on the city's general obligation debt one notch to AA and its appropriation-backed debt to AA-. The bond rating is the rate at which the city can borrow.

The improved rating was based on the city's significant economic diversification and expansion and continued maintenance of a strong financial profile, Standard & Poor said.

"The stable outlook reflects the city's very strong financial position, characterized by high fund balance levels and the economic base's strong growth and diversification," the rating agency said of the city's financial outlook.

Mayor Keith Summey hailed the improved rating as a testament to the city's financial strength in tough economic times.

"Through smart financial practices and proactive decision-making, the city has remained more than durable during these times of economic uncertainty that have plagued other cities in America," the mayor said.

"I am proud to say that City Council and I have always kept financial sensibility in mind. We do not take the hardworking taxpayers for granted."

City Council Finance Committee Chairman Kurt Taylor echoed the mayor's remarks.

"It's really remarkable in these economic times to get a bond upgrading," Taylor said. "It shows the city is in good financial shape."

Reach Warren Wise at 745-5850 or wwise@postandcourier.com.