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S.C. ports to issue $165 million in bonds

S.C. ports to issue $165 million in bonds

   The South Carolina State Ports Authority said it will issue $165 million in revenue bonds to fund several major projects included in its 10-year, $1.3-billion capital plan.

   It is the authority’s first bond issue for the organization in nearly 12 years.

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   The port authority is issuing the new series of revenue bonds to fund nearly $78 million in new projects, including a new terminal operating system, new cruise terminal and major improvements to Columbus Street Terminal. The bond issue, which also will reimburse the authority $86 million in capital expenditures is to close in early December.

   Standard & Poor's has Moody’s have affirmed its “solid financial position,” the port authority said. Standard & Poor's has assigned its A+ long-term underlying rating with a stable outlook on the series 2010 bonds while it affirmed the A+ rating on the port authority's existing series 1998 bonds.

   Moody's Investors Service has assigned an A1 rating with a stable outlook to the series 2010 bond issue and affirmed the A1 rating on outstanding series 1988 revenue bonds.