MOODY'S ASSIGNS ENHANCED Aa1 AND UNDERLYING A2 RATINGS TO ABBEVILLE COUNTY SCHOOL DISTRICT'S (SC) $4.9M G.O. REFUNDING BONDS, SERIES 2010; OUTLOOK REMAINS STABLE

Posted on: May 17, 2010, 4:48 pm

NEW YORK, May 17, 2010 -- Moody's Investors Service has assigned an enhanced Aa1 rating with a stable outlook and an underlying A2 rating with a stable outlook to Abbeville County School District' (SC) $4.9 million General Obligation Refunding Bonds, Series 2010. Concurrently, Moody's has affirmed the district's A2 rating and stable outlook , affecting $7.6 million in pre-refunded parity debt. The bonds are secured by the district's unlimited property tax pledge. The A2 rating reflects the district's limited tax base with a high level of tax payer concentration, declining yet still adequate financial position, good management team and a modest debt burden. The bonds will refund the district's outstanding Series 2001 bonds for an estimated net present value savings of 9.9% or $505,173 of refunded principal. The maturity scheduled is structured to reduce the life of the outstanding bonds by four years in order to allow debt capacity for potential future borrowing...

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