SC saving $48M by refinancing public debt

State Treasurer Curtis Loftis says South Carolina is refinancing $508 million of public debt, saving taxpayers about $48 million.

Loftis announced Monday the state is refinancing $220 million worth of general borrowing and $288 million in borrowing for road construction through the State Infrastructure Bank. The bonds include building projects at public schools and colleges.

Loftis says his office took advantage of low interest rates. He says the savings can be invested in other worthwhile projects without raising taxes.

The treasurer's office last year announced $24 million of savings through refinancing.

The Republican treasurer says the credit-rating firms Moody's and Fitch have reaffirmed South Carolina's top AAA ratings. Standard and Poor's is maintaining its AA-plus rating for the state.