Florence, SC - FLORENCE, SC (WMBF) - Florence School District One's bond rating has improved, marking the third highest rating the district has received from Moody's Investors Service.
Officials said the improvement of the bond rating will help reduce the cost of borrowing and make the district's bond more attractive for investors. The district's rating moved from A2 to Aa2.
"In its ratings report, Moody's projected that Florence One will continue to maintain healthy financial operations, given its 'conservative fiscal management and its still strong general fund balances bolstered by formal financial policies,'" district spokeswoman Pam Little-McDaniel said.
The newly acquired rating received by Florence School District One is the second highest bond rating for a school district in South Carolina. Greenville County School District has received an Aa1 rating by Moody's.
"Given the financial climate of our nation in general and the state of public school finances in South Carolina in particular, this bond rating for Florence School District One evidences the works and wisdom of the counsel and administrative staff in protecting the financial resources invested for the sake of our students and educational community," Interim Superintendent Dr. Allie E. Brooks Jr. said.
Officials said the school district successfully sold $21 million in general obligations bonds with a net interest cost of .4223 percent. The bonds will mature in 2012.
The funds raised by the sale will be used to build the new relief elementary school, which will be located on Hoffmeyer Road.