S&P upgrades City of Rock Hill credit rating

Posted June 20, 2013 5:09 pm | Filed under Featured, Local News

Your tax dollars in Rock Hill are now going a little further.

This week, the City of Rock Hill’s credit rating was upgraded from A+ to double-A minus.

The upgrade means the city qualifies for a lower interest rate on general obligation bonds — like the money the city is borrowing for an expansion to the law center and court system.

City of Rock Hill Chief Financial Officer Anne Harty says the rating is based not only on the financial health of the city — but its residents as well.

This is the second time since 2010 the city’s credit rating has been upgraded by Standard and Poor’s. Harty says lenders take a close look at the city’s internal financial practices when considering a bond.

The city how holds among top grades for each ratings scale and is among the top financially-healthy municipalities in the state.

Rock Hill’s credit rating was last updated, to A+, in 2010.

Harty says the City of Rock Hill is unique in South Carolina because it operates its own utility system along with traditional municipal responsibilities.

“We are pleased that the rating agencies continue to upgrade the City of Rock Hill; the ratings are a great indicator of our strong financial position and our Mayor and Councilmembers’ commitment to quality on many levels,” said City Manager David Vehaun.

“The upgrades are a result of intentional strategic planning and conservative financial policies across our organization,” Vehaun said.