Moody’s restores SC’s AAA credit outlook to stable

COLUMBIA, S.C. (AP) — Moody’s Investors Service has restored South Carolina’s stable outlook on its top-notch AAA credit rating.

South Carolina Treasurer Curtis Loftis says he learned of Wednesday’s announcement after meeting with Moody’s officials in New York City.

Loftis says the restored stable outlook reflects the state’s tradition of stable and conservative investment strategies.

Moody’s threatened in July to downgrade the AAA rankings of South Carolina and four other states amid the political congressional gridlock on raising the federal debt ceiling.

After President Barack Obama signed a bill in August dealing with the immediate threat of a default, the credit rating agency retained the states’ their top-notch rating. However, it assigned a negative outlook, pending a review of the states’ debt and spending.

The top-notch credit rating keeps South Carolina’s borrowing costs low.

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