Moody’s Investors Service has reaffirmed South Carolina (SC) Ports’ A1 credit rating.
SC Ports President and CEO, Barbara Melvin, said: “South Carolina Ports’ mission is to drive economic growth in South Carolina for the benefit of our businesses and citizens. The A1 rating from Moody’s reaffirms their faith in the financial management of South Carolina Ports, which is critical to our long-term planning and future success.”
The continued migration of people and businesses to the Southeast, along with South Carolina’s growing industrial activity, is driving expansion at SC Ports, according to the credit agency’s judgement.
READ: SC Ports TEU volumes dip amid strong rail moves
SC Ports has invested in crucial infrastructure improvements to enable this expansion, ensuring that commodities are handled effectively for consumers.
According to Moody’s, the state of South Carolina’s persistent support for the port system and its infrastructure upgrades provides yet another cause for economic optimism.
Melvin stated that the SC Ports Board of Directors’ strong business acumen and attention to fiscal responsibility is also critical to the port’s success.
In October, SC Ports generated almost $87 billion in statewide economic effect on South Carolina each year.
That same month, SC Ports had a $9.7 billion economic effect in the Pee Dee region by supporting port-dependent firms.
