S&P Global Ratings assigned its 'AAA' long-term rating to Charleston, S.C.'s $20 million series 2021 general obligation (GO) bonds. The outlook is stable. The city's full faith and credit pledge and its agreement to levy ad valorem property taxes, without limitation as to rate or amount, secure the bonds. Bond proceeds will be used to permanently finance the city's 2020 bond anticipation notes (BANs) totaling $5.545 million, while the remainder will be used for projects associated with affordable housing. The city's credit quality is bolstered by its diverse and expanding economy and supported by a variety of revenues to meet its operational needs. Charleston has historically exhibited financial restraint and prudent control with favorable budget variances, which have contributed to
