South Carolina Bonds (South Carolina Municipal Bonds)

By: EconomyWatch Content   Date: 30 October 2009

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South Carolina bonds are municipal bonds issued by the state government or various government agencies. The potential issuers of these South Carolina municipal bonds could include:

  • Cities within South Carolina

  • Counties

  • Redevelopment agencies

  • School districts

  • Publicly-owned airports

  • Seaports

  • Other governmental entity below the state level 

Some Current South Carolina Bonds

While several South Carolina bonds may be available in the market, some of the key ones are:

  • South Carolina State Education Assistance bonds: This bond is issued by South Carolina Student Loan (SCSL), which is the only non-profit education lender in South Carolina. These bonds are guaranteed by South Carolina State Education Assistance and the money raised is used to fund student loans. The ratings on these bonds are based on the quality of the student loan portfolio, the credit enhancement provided and the soundness of the legal structure.

  • South Carolina Public Service (Santee Cooper) bonds: The bonds issued by this issuer usually receive strong investment ratings from ratings agencies such as Fitch Ratings and Standard & Poor’s. The proceeds for the bonds issued on October 19, 2009 were required to meet the capital requirements for preconstruction activities involved in the expansion of Santee Cooper’s VC Summer Nuclear Generating Station with SCE&G and for refinancing a portion of the utility’s outstanding debt.

  • Palmetto Health bonds: These bonds are issued by South Carolina Jobs-Economic Development Authority on behalf of Palmetto Health (PH). The issuer’s series 2009 bonds received 'BBB+' rating from Fitch Ratings.

  • Greenville County bonds: These bonds are issued by Greenville County to meet its immediate financial requirement. The 2009 issued $10.8 million airport revenue bonds were assigned the triple B minus rating by Fitch Ratings to reflect the satisfactory financial performance of the Donaldson Industrial Air Park, its competitive niche in aircraft industrial development and the homogenous revenue base.

South Carolina Bonds: Mini-bonds

Mini bonds are general obligation bonds sold by the Office of State Treasurer. These bonds are:

  • Sold in small denominations

  • Tax-free

  • Secured by a pledge of the full faith, credit and taxing power of the State of South Carolina.

Mini-bonds were last issued in November 2000. The state government may plan to reissue these bonds in the future.

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