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STANDARD & POOR'S CORPORATION MAINTAINS STATE'S AAA BOND RATING

 STANDARD & POOR'S CORPORATION MAINTAINS STATE'S AAA BOND RATING
 COLUMBIA, S.C., Aug. 26 /PRNewswire/ -- Standard & Poor's Corporation has decided to maintain the State's AAA bond rating, State Treasurer Grady L. Patterson, Jr., announced today.
 "This is indeed good news for the taxpayers of our State," Patterson said.
 "The main factor in this decision by Standard & Poor's was the swift action taken by the Budget and Control Board Saturday to reduce expenditures after receiving from the Board of Economic Advisors on Thursday a $195 million reduction in revenue estimates for Fiscal Year 1992-93.
 "The Budget and Control Board acted swiftly and promptly after receiving lowered revenue estimates.
 "The General Assembly in its wisdom has provided authority and the requirement for the Budget and Control Board to reduce expenditures when a deficit is indicated. The Board has followed this mandate for decades in keeping the budget balanced. A fact for which South Carolina has been praised repeatedly by both rating agencies.
 "I doubt if there is another State in the union that can and will respond to lowered revenues as quickly and rapidly as South Carolina does. This was a major factor in Standard & Poor's decision to maintain our AAA credit rating.
 "I also believe that the visit Governor Campbell and I made to Standard & Poor's Monday was a very positive factor in the decision to maintain our AAA credit rating," Patterson commented.
 "We are not 'out of the woods' yet on our credit rating. Standard & Poor's maintains the CreditWatch and will follow revenues closely in the coming months.
 "Governor Campbell and I stressed the State's commitment to fiscal responsiblity and keeping the budget balanced.
 "The AAA credit rating saves the taxpayers of this State millions of dollars in financing long-term capital expenditures such as ports facilities, prisons, roads, and public buildings.
 "This high rating is also a source of pride and prestige in the United States as well as around the world. South Carolina remains one of only six states which holds the coveted AAA credit rating by both Moody's and Standard & Poor's," Patterson concluded.
 -0- 8/26/92
 /CONTACT: S.C. State Treasurer Grady L. Patterson, Jr., 803-734-2101/ CO: S.C. State Treasurer ST: South Carolina IN: SU:


JZ -- CH010 -- 3582 08/26/92 15:45 EDT
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Publication:PR Newswire
Date:Aug 26, 1992
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