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Credit rating agency Standard & Poor’s has upgraded the rank of South Fayette Township to AA and listed the municipality’s outlook as stable.
Plus, the township recently saved $2.3 million in debt costs by refinancing bonds.
The AA credit rating—just two slots below the top AAA rating—is considered to be investment grade, meaning the township has a “very strong capacity to meet financial commitments,” according to the S&P Global Ratings website.
In 2013, the township’s long-term rating increased two spots from A to AA minus, and this year, the rating was bumped up another step.
South Fayette Township Manager Ryan Eggleston likened the rating to a personal credit score but for local government: “This is equivalent to having a really strong credit score that just went up a little higher. It’s great news. It continues to show our dedicated focus on improving the financial stability of the township.”
Also, the Board of Commissioners has approved refinancing a 2009 bond series—the township’s only bond debt—in order to save more than $2.3 million over the remaining 14-year life of the bonds.
Look for the entire story in the upcoming fall issue of South Fayette Connect magazine, which will be delivered to your mailbox and posted at www.southfayettepa.com/magazine.