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Upgrade comes after extensive review from firm following questions over federal government debt.
COLUMBIA, SC - December 7, 2011 - This afternoon Moody’s Investors Service has restored South Carolina’s AAA credit outlook into the “stable” category.
State Treasurer Curtis Loftis learned of the announcement after meeting with Moody’s officials during a series of meetings with the credit rating agencies and investment banks in New York City.
“South Carolina has a long tradition of stable and conservative investment strategies and it is a testament to our AAA credit that the stable outlook has been restored to our state,” Treasurer Loftis said. “We strongly value our professional relationships with the credit rating firms and to be able to show them the state’s financial situation in a transparent manner has been key to this process.”
Moody’s issued a review for downgrade for five AAA states on July 19, 2011 during the height of the federal credit rating debate in Washington, D. C. At the time, Moody’s had concerns about those five states, including South Carolina, being affected by adverse credit of the federal government.
The restoration of stable AAA credit comes following Moody’s review of South Carolina’s debt and spending. The Treasurer’s Office staff worked with Moody’s to identify all issues associated with the AAA rating.
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