Town of Lexington receives upgraded credit rating from Standard & Poor's Corp.
Lexington, SC - Standard & Poor's Corp. announced in November 2017, an upgraded credit rating for the Town of Lexington Combined Waterworks and Sewer System Revenue Bonds from AA- to AA (high investment grade) and confirmed its SP-1+ (highest) short term rating for bond anticipation notes (BANs) and other short-term obligations issued by the Town for water and sewer improvements.
In assigning these ratings, S&P cited the following as contributing factors:
-An improving local economy with strong income levels and a low unemployment rate.
-Water and sewer rates that are competitive, based on median household incomes.
-Good operational management policies and practices.
-Good-to-strong coverage of annual debt service requirements.
-Strong financial management practices and policies.
Lexington expects S&P’s new rating to help assure that cost of funds for improvements to its water and sewer infrastructure will be among the lowest for state and municipal borrowers. Low interest expense will help Lexington to continue providing high-quality, environmentally sound water and sewer services to residents of the Town and its regional service area.
We look forward to the opportunities and challenges of supporting continued growth and a healthy environment in the Town of Lexington and the Central Midlands region.