Monday, August 6, 2018

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Credit rating improves for Mount Pleasant

MOUNT PLEASANT – Moody’s Investor Service upgraded the Town of Mount Pleasant’s credit rating to Aa1 from Aa2 with the improved rating applied to the town’s outstanding general obligation rated debt and to a forthcoming 2018 series of bonds.

“This upgrade confirms that our conservative and practical approach to managing the operating budget has been effective,” said Town Comptroller Maria Lanjewar. “As the town prepares to issue serial bond, it certainly is reassuring to see our fiscal practices recognized as prudent by the investment community.”

Moody’s cited the town’s recent trend of positive fiscal results as a reason for the upgrade. Results for the 2017 fiscal year indicated that revenues exceeded expenditures, and, as a result, the town was able to grow its general fund balance.

The report also noted a series of budgeting and expense management procedures used by the administration.

 


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