For Immediate Release
Friday, 7 April 2000
STRONG FISCAL OUTLOOK
WITHOUT BURDENING SC FAMILIES
Columbia, SC – Specifically pointing to South Carolina’s "financial position [that] will remain strong due to effective financial controls and monitoring," Standard & Poor’s has renewed South Carolina’s AAA credit rating. The AAA rating means South Carolina gets the lowest possible rates on borrowing money for large projects.
"We’re saving our people money," said State Treasurer Grady L. Patterson, Jr. "The AAA rating means we can pay for large projects with existing revenues. Because we conservatively manage our citizens’ money, we don’t have to raise taxes to pay for public roads and schools."
In a profile dated March 24th, 2000, Standard & Poor’s also said the AAA rating reflects South Carolina’s "strong and growing economy, and the state’s low debt coupled with tightly controlled debt issuance." The report also specifically mentioned Mr. Patterson’s efforts to regain and maintain the state’s high credit rating seven years ago. Standard & Poor’s said "South Carolina’s financial position continues to improve, largely due to financial reform initiatives that created a structural balance between revenues and expenditure … [that] provide a foundation for fiscal stability going forward." Treasurer Patterson proposed those reforms that were accepted by the Budget & Control Board in 1993-94.
"It took years of hard work to lay the foundation for continuing financial success. But, I am most proud that we are able to build and repair school buildings around South Carolina without raising taxes a dime on our hard working families," Mr. Patterson concluded. "I will fight to make sure we continue to keep the AAA rating. It keeps our tax burden low and allows us to educate our children for information age jobs in 21st Century classrooms. This is great news for everyone in South Carolina."
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For more information contact:
David A. Adams, 803/734-0380