Moody's and Fitch Rate the SCTIB Series 2021 Revenue Refunding Bonds
June 07, 2021 -- Moody's Investors Service has assigned a rating of Aa3 to the South Carolina Transportation Infrastructure Bank's planned issuance of approximately $385 million of Revenue Refunding Bonds, Series 2021. The stable outlook is consistent with the state's outlook and is supported by the likelihood the state will continue to ensure pledged revenues provide adequate debt service coverage in view of SCTIB's pivotal role in financing large transportation infrastructure projects.
June 8, 2021 -- Fitch upgrades the South Carolina Transportation Infrastructure Bank's rating to 'A+', revises outlook to positive. Fitch's upgrade of the rating to 'A+' from 'A' reflects SCTIB's demonstrably strong revenue reliance throughout the pandemic. The upgrade also reflects Fitch's view that the pledged revenue stream has become broader and less volatile over time due to the state's expanding economic base, as well as because of statutory measures taken by the state.
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