County's credit rating strong

From Staff Reports

Blount County Mayor Jerry Cunningham is pleased with recent ratings from three major credit rating agencies -- Standard Poor's, Moody's and Fitch -- on the county's general obligation debt.

Standard Poor has reaffirmed the county's AA- rating. Moody's has reaffirmed the rating of A1. Fitch Ratings, which has rated Blount County's credit worthiness for the first time, has assigned a rating of A+ with a positive outlook.

According to the Fitch Ratings report, "Increasing its unreserved general fund balances to management's informal policy level while maintaining structural balance could lead to an upgrade."

The upgrade would be to AA-, making Blount County one of only a few counties in Tennessee to have such credit worthiness, according to Cunningham.

"I am pleased with the fact that we have independent parties assessing us on an annual basis and affirming what I know to be true," he said in a press release. "Blount County is fiscally sound and the management of the county's affairs is second to none."

"We are pleased with these assessments from the three rating agencies and will be able to use these ratings along with the proper management skills inherent in the high ratings to save the taxpayers of Blount County thousands, if not millions, of dollars in interest on our debt issues," Assistant County Mayor/Finance Director Dave Bennett said. "This is good for Blount County."