MOODY'S AFFIRMS CITY OF COLUMBIA'S (SC) Aa2 RATING ON G.O. DEBT, AFFECTING $26 MILLION IN DEBT; ASSIGNS NEGATIVE OUTLOOK

Posted on: December 21, 2009, 4:48 pm

NEW YORK, Dec 21, 2009 -- Moody's Investors Service has affirmed the City of Columbia's (SC) Aa2 long-term general obligation rating and assigned a negative outlook. Concurrently, Moody's has affirmed the A2 rating on and assigned a negative outlook to $17.6 million of outstanding hospitality tax-backed debt that is ultimately secured by the city's pledge to replenish the debt service reserve, subject to appropriation. Assignment of the negative outlook reflects Moody's expectation that near-term challenges may impede the city's ability to stabilize and improve reserves to levels more consistent with the current rating level. The Aa2 rating is based on the city's significantly weakened General Fund reserve position that is balanced by additional financial flexibility derived from the unrestricted and separately-held other post-employment benefits (OPEB) reserve; a stable local economy that is supported by the presence of the state capital and the main campus of the University of South Carolina (rated Aa3/stable outlook); and a modest direct debt burden with limited borrowing planned...

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