State Infrastructure Bank Highlights $7.1 Billion in Projects, Strong Bond Ratings

Charles Cannon, chief operating officer of the State Infrastructure Bank, updated the Senate subcommittee on the bank's portfolio and borrowing capacity, saying the bank has helped finance roughly $7.1 billion in infrastructure projects across South Carolina since its 1997 inception and currently has about 15 active projects totaling roughly $2.0 billion.

"Over since 1997, since our inception, we've participated in over $7,100,000,000 in infrastructure projects," Cannon said, naming notable projects including the Cooper River Bridge and the Conway Bypass. He said Moody's assigns the bank a double-A rating and Fitch a double-A minus rating.

CFO Jerry Butler said the bank operates leanly with six FTEs, roughly 99% of its budget devoted to project costs and only about 1.3% to operating expenses. Senators asked about the bank's capacity to access the bond market for a large accelerated project; Cannon said advisors were estimating pricing in the roughly 7.75%–8.00% area depending on market conditions and that the bank does have borrowing capacity.

The subcommittee did not take any formal action during the briefing and thanked the bank's staff for their work.