Fitch Ratings has affirmed Sumter County’s Capital Improvement Revenue Bonds with an AA+ rating. Sumter County’s Issuer Default Rating is also at AA+.
The latest Fitch report attributes Sumter County’s strong rating to “the county’s superior gap-closing capacity, very low long-term liability burden, and solid expenditure flexibility.”
On long-term liability burden, the report states, “ Sumter County’s long-term liability burden is very low, with overall debt and Fitch-adjusted pension liabilities approximating only 3 percent of residents’ personal income…Fitch does not expect the obligations associated with road improvements or pensions to pressure the long-term liability assessment.”
On revenue growth, the report outlines, “revenue growth prospects are strong, driven by development projects planned and underway.”
Fitch reported that less than 400 local tax-supported jurisdictions in the United States qualify for an AA+ rating.
Fitch Group is a global leader in financial information services, with operations in more than 30 countries.
