Hilton Head Island issued the following announcement on August 5.
Moody's Investors Service (Moody's) has affirmed the Aaa rating for the Town of Hilton Head Island, with a stable outlook assigned.
The Aaa rating, the highest available from Moody's, is based upon Moody's annual review of the Town's financial position, debt burden and other economic activity measures. In its letter to the Town, Moody’s cited several factors that contributed to the Town's strong rating:
- A robust financial position, extensive tax base, and strong wealth and income profile.
- An exceptionally strong economy and tax base.
- An overall small burden of debt and pension.
"This independent, third-party rating is recognition that we are successfully managing the Town's operations and economy through the pandemic and toward continued vibrancy. It has been a difficult year operationally and financially because of COVID," Orlando said. "But, Town Council made thoughtful responses to keep basic Town operations and services going throughout the pandemic. This is an affirmation of the steps Council has taken, and we are pleased Moody’s looked favorably on the Town’s response."
Orlando also attributed the strong bond rating to the Town's ongoing commitment to diversified revenues, strong financial practices and budgetary policies.
Town Council members acknowledged the strong rating.
"The Town's financial position is so important to us as taxpayers and to the ratings agencies. We thank Moody's for recognizing the hard work and attention Town Council has given to it," said Mayor John McCann.
"The Town's strong credit rating helps keep our interest rates as low as possible, and keeps capital markets open for when we need access like we did five years ago after Hurricane Matthew," said Town Council Member Tom Lennox, who chairs the Finance and Administrative Committee.
For more information on the Town's fiscal operations, visit www.hiltonheadislandsc.gov.
Original source can be found here.
Alerts Sign-up