Mount Pleasant's Moody's Downgrades Spark Political Debate Over Taxes, Development

Bonanno Launches New Party, Running for Mt. Pleasant Board on Transparent Planning Platform

Adam Stone | The Examiner News | October, 21 2025

Mount Pleasant has seen two consecutive credit rating downgrades in less than a year, with Supervisor Carl Fulgenzi saying the town has responsibly used its fund balance to control taxes, while his longtime critic and town board candidate Joe Bonanno asserts that the town’s development and fiscal planning have fallen short.

Moody’s Investors Service, one of the nation’s major credit rating agencies, first downgraded Mount Pleasant’s issuer rating and General Obligation Limited Tax (GOLT) rating to Aa1 from AAA on Nov. 13, 2024. And last month, on Sept. 22, Moody’s downgraded the town’s ratings to Aa2 from Aa1, citing below-peer reserves and liquidity. The town carries roughly $67 million in long-term and short-term debt.

“The downgrade to Aa2 from Aa1 reflects a decline in reserves and liquidity well in excess of what was expected in November 2024,” last month’s report asserts. “Management also failed to put together a structurally balanced budget as was the expectation.”

Moody’s noted that the town has a strong local economy, with residents earning high incomes and property values well above the top rating threshold, but added that “governance is a primary driver of the rating as management has not taken the necessary steps to bring the budgets into balance.”

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