The Richmond County Board of Education’s issuer rating has been upgraded to Aa3 from A1 by Moody’s Investors Service. The rating impacts the board’s recent issuance of $86.8 million in General Obligation Sales Tax Bonds.   

“I commend the work of Mr. Bobby Smith and his team as well as the members of Richmond County Board of Education who have worked strategically over the past five years to grow our financial reserves, manage our debt, invest in instructional innovation and the result is an improved credit rating,” says Dr. Kenneth Bradshaw, Superintendent of Schools.  

Moody’s indicated the credit strengths as the improved reserves and liquidity, diverse economic base from the institutional presence of Fort Gordon, and rapid amortization of debt. Some of the factors that led to the upgrade include significant, sustained growth in property wealth metrics and resident incomes, continued, material improvement in reserves and liquidity, and the moderation of long-term liabilities.  

Chief Financial Officer Bobby Smith says, “Our team has worked hard over the last six years to improve our financial condition and our hard work was recognized by Moody’s Investors Service by upgrading our bond rating.  I was excited that so many investors were interested in purchasing our bonds and these bond proceeds will be put to good use as we fund two new schools and other capital improvements for our school district."